Polymarket is exploring a new fundraising round that could value the prediction markets platform at more than $20 billion, Bloomberg reported Tuesday, citing people familiar with the matter.

The fundraising talks, which are reportedly at an early stage, come just months after the company closed a round at a $15 billion valuation in April, backed by D.E. Shaw, G Squared, SV Angel, Dragonfly, Valor Equity Partners, and the Intercontinental Exchange.

If completed, the new financing would more than double Polymarket’s October 2025 valuation, underscoring strong investor appetite for prediction markets as the sector continues to see rapid growth in trading activity.

Polymarket has reported strong business momentum, including the launch of its US platform and annualized revenue exceeding $1.2 billion.

However, it continues to face stiff competition from Kalshi, which reached a $22 billion valuation earlier this year. Polymarket is also under investigation by the CFTC over its marketing practices.