Polymarket in talks for fundraising round at more than $20 billion valuation

Prediction market platform Polymarket is in talks for a fundraising round that would value the company at north of $20 billion, a person familiar with the matter confirmed to CNBC.

The talks and valuation come after the company told CNBC in late June that its annualized revenue was well above $1 billion, following the launch of its regulated U.S. exchange in May.

Bloomberg first reported on Tuesday about the new talks and valuation. Polymarket declined a request to comment by CNBC.

The person familiar with the situation — who asked not to be named to discuss the ongoing fundraising talks — also confirmed that the company previously closed a funding round in April that valued Polymarket at $15 billion.

The Information first reported about the funding round that same month, but the company did not confirm the round's closure at the time. That round included an additional $600 million direct cash investment by New York Stock Exchange owner Intercontinental Exchange announced in March , Bloomberg reported.

Prediction market platforms are continuing to experience huge growth while staying private. In May, Polymarket's chief rival, Kalshi, announced the closure of a funding round that valued the company at $22 billion. The Financial Times reported in June that Kalshi was in talks to raise new funds in the third quarter and would seek a $40 billion valuation.

If a new funding round for Polymarket closes, it would mark the first since the U.S. exchange's official launch, though the platform debuted with a waitlist in December. The U.S. exchange is doing north of $100 million in notional volume per day — up from around $75 million at the end of May — while the company's international platform is recording daily notional volume above $150 million, according to data from Dune Analytics.

Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.