Polymarket, the largest onchain prediction market, is reportedly looking to close another round of funding, which will push the company’s valuation above the $1 billion threshold.
This raise is set to be led by Peter Thiel’s Founders Fund, which is already an investor in Polymarket. Founders Fund’s portfolio includes notable companies such as Palantir, OpenAI, SpaceX, and Paxos.
The onchain prediction market was founded in 2020, but exploded in 2024 in the lead-up to the U.S. Presidential Election. The platform recorded more volume in a five-day stretch during the elections than it did throughout the entirety of 2023.
While Polymarket’s volumes have tapered off from their all-time high of $1 billion during Election Week, the prediction market still processes between $200 million and $300 million almost every week.
Polymarket also recently announced a partnership with Elon Musk’s social media platform, X, making it the “official prediction market partner” of what was formerly known as Twitter.
Current activity on the platform focuses on sports betting for the NBA Playoffs and the FIFA Club World Cup, as well as local elections and geopolitical conflicts in regions such as the Middle East.
Polymarket dwarfs other onchain competitors, making its primary competitor the offchain prediction market, Kalshi. Kalshi’s cumulative volume statistics are not publicly available, but when comparing top markets on each platform, it appears that Polymarket commands a significantly larger market share.
One of the most popular markets on each platform is betting on the Democratic Nominee for New York City’s mayoral election. Kalshi’s market has recorded $8.8 million on this particular bet, compared to Polymarket’s $43 million.
