Polymarket, a popular betting platform for real-world events, is raising new funding that would sharply increase the startup's valuation, according to two people with knowledge of the matter not authorized to speak publicly.
Investor demand has intensified as Polymarket appears to be readying for a US launch. The valuation has been fluctuating, though it will likely at least triple the $1 billion it reached in a round that closed only this summer, the people said.
At least one investor offered a term sheet valuing the company at as much as $10 billion, one of the people said.
A spokesperson for Polymarket declined to comment.
Polymarket was founded in 2020 by Shayne Coplan and gained prominence during the 2024 US presidential election, when it accurately predicted a win for Donald Trump while most traditional polls showed him losing. It also allows traders to bet on sports outcomes and pop culture events, like the engagement of Travis Kelce and Taylor Swift.
The prediction market has even spawned other apps tracking volatility on the site.
But for all its popularity, Polymarket has not been allowed to operate in the US.
Earlier this month, Coplan posted on X that regulators had given the company "the green light to go live in the USA."
The announcement came after Donald Trump Jr. joined Polymarket's advisory board in August, and the firm where he is a partner, 1789 Capital, made a strategic investment in the company.
"Polymarket is the largest prediction market in the world, and the U.S. needs access to this important platform," Trump Jr said in a statement announcing the investment.
Peter Thiel's Founder's Fund led the company's last round of financing at a $1 billion valuation, bringing total funding to $255 million, according to Pitchbook.
