1789 Capital Leads $1 Billion Funding Round for Polymarket at $21 Billion Valuation

Topline

A venture fund associated with Donald Trump Jr., 1789 Capital, is spearheading a new funding round for Polymarket, valuing the company at $21 billion. This development coincides with growing state-level efforts to regulate betting platforms.

Key Facts

Bloomberg, citing anonymous sources, was the first to report that Polymarket is set to secure $1 billion in this funding round, with 1789 Capital contributing approximately $300 million.

1789 Capital, where President Trump’s eldest son serves as a partner, previously made a strategic investment in Polymarket.

While the initial terms were not disclosed, the company announced that Trump Jr. would join its advisory board.

In March, Intercontinental Exchange—the parent company of the New York Stock Exchange—injected an additional $600 million into Polymarket, bringing its cumulative investment to $1.6 billion.

Polymarket’s primary competitor, Kalshi, raised $1 billion in April at a comparable $22 billion valuation, with backing from Sequoia Capital, Andreessen Horowitz, Morgan Stanley, and others.

What Do We Know About 1789’s Earlier Investment In Polymarket?

The Wall Street Journal, citing individuals familiar with the matter, reported that 1789 Capital’s latest cash infusion establishes it as one of Polymarket’s largest investors, following an earlier $200 million investment. In a press release for the initial investment, Polymarket stated that Trump Jr. would contribute “decades of experience” to its advisory board as the company seeks to expand global adoption. At the time, Trump Jr. described Polymarket as the “largest prediction market in the world” and argued that the U.S. “needs access to this important platform.” He further claimed that prediction markets help people bypass “media spin and so-called ‘expert’ opinion by letting people bet on what they actually believe will happen in the world.”

Tangent

In January of last year, months prior to 1789 Capital’s investment in Polymarket, Kalshi announced Trump Jr. as a Strategic Advisor. The announcement criticized what it described as a “fractured, often biased media landscape” and suggested he would provide a fresh perspective. Kalshi also highlighted that mainstream media had “failed to anticipate President-Elect Trump’s decisive victory” in the 2024 election—a point Trump Jr. echoed in an X post: “On Election night at Mar-a-Lago, while biased outlets called the race a coin toss, my family and close friends used the prediction market Kalshi to know we won hours ahead of the fake news media.” Per the Financial Times, Trump Jr. received a $300,000 stake in Kalshi upon joining as advisor in January 2025, a stake that has likely appreciated significantly as the company has secured funding at higher valuations.

What To Watch For

Earlier this month, The Information reported that Kalshi has exceeded $4 billion in annualized revenue and is planning another fundraising round at a $40 billion valuation—nearly double Polymarket’s latest reported fundraise. This marks a significant shift in the competitive landscape over the past year. In October, following Intercontinental Exchange’s $1 billion investment, Polymarket was valued at $9 billion while Kalshi stood at $5 billion.

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