Polymarket targets US$20B valuation

• Polymarket is reportedly seeking about US$1 billion in fresh funding at a valuation above US$20 billion.
• The target follows an April raise at a US$15 billion valuation, according to reports cited by CoinDesk.
• The talks come as rival Kalshi reached a US$22 billion valuation after raising US$1 billion this year.

Polymarket is reportedly seeking about US$1 billion from investors at a valuation exceeding US$20 billion.

The target follows an April funding round that valued Polymarket at US$15 billion, according to reports.

Intercontinental Exchange, which owns the New York Stock Exchange, invested US$600 million in Polymarket's earlier round.

Polymarket has not commented on the latest funding talks, which remain at an early stage.

Rival Kalshi raised US$1 billion this year at a US$22 billion valuation as competition between prediction markets increased.

Polymarket's annualised revenue exceeded US$1 billion by June, according to figures reported by Bloomberg and cited by Reuters.