Polymarket hits $1.8 billion annualized revenue run rate
Polymarket disclosed that its annualized revenue reached $1.8 billion, up from $1 billion in June. The figure reflects growth at its U.S. exchange following the 2025 acquisition of CFTC-licensed QCEX. Combo event contracts, which bundle multiple legs like sportsbook parlays, now account for over 70% of platform trading. The company has also begun a new $1 billion funding round at a $21 billion valuation. Revenue disclosure came on November 10 during market hours.
The $21 billion valuation request tests whether investors believe Polymarket can defend its revenue lead against direct CFTC rivals. Kalshi's $40 billion valuation and Robinhood's $173 million quarterly event-contract revenue show the category is attracting capital fast, but Polymarket's combo-contract dominance is the differentiator.
Those bundled legs generate higher fees per trade than single-event contracts and are harder for competitors to replicate without matching market depth. The funding round also arms Polymarket for the state-by-state legal fights that have already hit Kalshi with felony charges and parallel suits. If the raise clears at the asked price, it confirms that prediction markets have graduated from venture novelty to growth-equity territory, and regulators will treat them accordingly.
Joins a running capital-raise pattern among regulated prediction-market platforms that already includes Kalshi's $1 billion Series G and Robinhood's deepening event-contract revenue bet this quarter.