Polymarket in talks to raise $1B at valuation above $20B, led by 1789 Capital

Polymarket is in talks to raise $1 billion at a valuation above $20 billion, a funding round led by 1789 Capital, the investment firm co-founded by Donald Trump Jr. To put the trajectory in perspective: the prediction market platform was valued at roughly $300 million not long ago. The round places Polymarket in rarefied air among crypto-adjacent startups, rivaling the scale of funding typically reserved for late-stage fintech giants. From advisory board seat to lead investor 1789 Capital’s relationship with Polymarket isn’t new. The firm invested in the platform back in August 2025, reportedly deploying a sum in the double-digit millions. That initial bet came shortly after a round that valued the company at around $300 million, meaning 1789 Capital is now sitting on enormous paper gains. Trump Jr. joined Polymarket’s advisory board following that initial investment. A valuation rocket ship The Intercontinental Exchange, the company that owns the New York Stock Exchange, made a substantial investment that helped push Polymarket’s valuation to roughly $8 to $9 billion. ICE’s total commitment has reportedly reached approximately $1.6 billion or more. By April 2026, the valuation had...