Polymarket is planning to raise $1 billion, with Donald Trump's son's firm 1789 Capital leading a $300 million investment. Post-investment valuation is set to reach $21 billion.

BlockBeats News, September 1st - According to Bloomberg, sources revealed that the prediction market platform Polymarket is planning to close a $1 billion funding round, valuing the company at $21 billion post-investment. The round is led by 1789 Capital, a venture capital firm where Donald Trump Jr., son of former President Donald Trump, serves as a partner, with a planned investment of around $300 million. A Polymarket spokesperson declined to comment.

Back in April, Polymarket was valued at $15 billion during a funding round where D.E. Shaw and G Squared became new investors. Earlier this year, the Intercontinental Exchange, the parent company of the New York Stock Exchange, also completed a $1.6 billion investment in Polymarket. The new funds will be used to attract more institutional users as Polymarket is currently seeking regulatory approval to offer margin trading in the United States.

The prediction market industry is still facing regulatory controversies, with various U.S. states asserting regulatory authority while the platforms argue that oversight should fall under federal derivative regulators. Last week, a U.S. federal appeals court ruled in favor of state regulation. Donald Trump Jr., partner at 1789 Capital, currently serves as an advisor to both Polymarket and Kalshi.