Prediction markets are becoming harder to ignore. 1789 Capital is reportedly leading a roughly $1B funding round for @Polymarket, with around $300M coming from the firm itself and a reported valuation of about $21B. What caught my attention isn't simply Donald Trump Jr. being involved. It's the scale and type of capital moving into the sector. ICE has already invested around $1.6B in Polymarket, and after this round, 1789 Capital could become one of its largest investors. That tells me the market is being viewed differently now. Prediction markets are no longer just a crypto-native product for betting on elections or sports. There is a broader thesis around turning real-world events, information and expectations into continuously priced markets. But a $21B valuation also raises the obvious question: How much future growth is already priced in? Institutional interest validates the category, but it doesn't automatically validate the valuation. For me, the more interesting story is watching whether prediction markets can evolve into a durable financial and information layer beyond the current hype cycle. Personal view only. Not financial advice or a call to participate.