Polymarket Raising $1B at a $21B Valuation 1789 Capital is leading the round with about $300M of its own money, per Bloomberg. Polymarket was worth roughly $300M in mid-2025, $1.2B by August, ~$8B after ICE invested in October, $15B in April, and $21B now. Roughly 70x in a year. Kalshi raised at $22B back in May and is reportedly already discussing a round at $40B, having pulled ahead this year while Polymarket dealt with operational and legal friction. Donald Trump Jr., a partner at 1789, advises both companies - the firm leading Polymarket's round has a foot in each camp. A federal appeals court recently sided with state governments asserting authority over prediction markets, against platforms arguing they fall under the CFTC.