Polymarket is nearing a $200 million funding round that would value the decentralized blockchain-based prediction market platform at approximately $1 billion, according to a Reuters report.
The upcoming $200 million round is reportedly led by Peter Thiel’s Founders Fund and includes $50 million in previously unannounced funding, a source with knowledge of the matter told Reuters.
Polymarket had previously raised $70 million in 2024 through two rounds: a $25 million Series A led by General Catalyst and a $45 million Series B led by Founders Fund, with participation from notable investors such as Airbnb co-founder Joe Gebbia and Ethereum co-founder Vitalik Buterin.
Polymarket has seen a surge in popularity, especially during the 2024 US election period, with record traffic of 15.9 million visits in May 2025 and $8 billion in bets placed on the platform.
The platform also recently partnered with Elon Musk’s xAI as its official prediction market and is exploring launching its own token.
Polymarket declined to comment on the report.