Blockchain-based prediction platform Polymarket is reportedly in advanced stages of raising $200 million in new funding, potentially pushing its valuation to $1 billion, according to sources cited by The Information.
The round is said to be led by Peter Thiel's Founders Fund, with the total figure including $50 million from an earlier, undisclosed raise.
Polymarket has seen rapid growth, recently surpassing major betting platforms like FanDuel, DraftKings, and Betfair in web traffic.
Data from SimilarWeb shows Polymarket drew nearly 16 million visits in May, marking an all-time high for the site.
The platform gained significant visibility during the recent U.S. election cycle, processing around $8 billion in bets.
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It also became a frequently referenced tool for election outcome predictions, with one Dune Analytics data scientist noting the platform's markets can predict outcomes with up to 94% accuracy.
Earlier in June, Polymarket entered into a partnership with Elon Musk's artificial intelligence company xAI, securing its role as the official prediction market partner for xAI and Musk's social platform, X.
Previous reports from The Information in September indicated that Polymarket was exploring the possibility of launching its own token, though no further updates have been confirmed on that front.
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