Trump Jr.'s 1789 Capital leads $1B Polymarket round at $21B valuation
Polymarket is raising $1 billion in a funding round led by 1789 Capital, the venture firm founded by Donald Trump Jr., according to a spokeswoman for 1789 Capital. The round values the CFTC-regulated prediction market at $21 billion post-money. 1789 Capital is contributing around $300 million of the total, deepening ties between the platform and Trump-aligned investors following a prior meeting between Polymarket CEO Shayne Coplan, Trump Jr., and 1789 Capital founder Omeed Malik at the Republican National Convention. Polymarket plans to raise additional capital.
The valuation leap to $21 billion puts Polymarket within reach of Kalshi's reported $40 billion target and tightens the fundraising race between the two CFTC-regulated giants. ICE's existing $1.6 billion stake already gives the exchange operator leverage over governance terms; a larger position would amplify that control.
For Kalshi, which just pulled in $1.12 billion of a $1.5 billion equity offering, Polymarket's Trump-aligned capital signals that political access may matter as much as regulatory standing in the fight for institutional dollars. The margin-trading approval Polymarket is now seeking would deepen its product edge. Smaller entrants like Novig face a widening capital gap they cannot close with volume alone. The first platform to lock in banking relationships and margin infrastructure will set the competitive floor the rest must match.