Polymarket, a blockchain-based prediction market, is about to raise $200 million in a new funding round that would make the company worth around $1 billion, according to news reports.
This funding is being led by Founders Fund, a company owned by billionaire Peter Thiel, according to local reports.
If the deal goes through, Polymarket would become a “unicorn”, a startup valued at over $1 billion, even though it is banned in the U.S. In fact, the FBI searched the company in November and took electronics from its founder, Shayne Coplan, because of worries that Americans were using the platform illegally.
Polymarket had already raised over $100 million before this, including a secret $50 million investment earlier in 2025.
This new funding comes shortly after Polymarket partnered with Elon Musk’s social media platform X. They plan to mix Polymarket’s betting markets with insights from Musk’s AI chatbot, Grok.
Restrictions and over $1 billion in trades monthly
Right now, the global prediction market includes about 1.2 million traders, 21,000 active markets, 20 million open bets, and $700 million worth of trades, based on data from Polymarket’s analytics.
According to Dune Analytics, Polymarket saw about $1.1 billion in trading in May. That’s a 56% drop compared to its highest point in November, when trading hit around $2.5 billion.
The company has also been criticized and investigated for claims that some results in its prediction markets may have been manipulated, and it is blocked in the U.S., Polymarket is also banned or has limits in other countries like France, Singapore, Thailand, Taiwan, Poland, and Belgium. It competes with other similar platforms, like Kalshi, which is supported by big investors such as Y Combinator and Sequoia Capital.
Polymarket is growing fast, with big funding and major partnerships, even as it faces bans and questions from regulators. Its mix of blockchain, AI, and prediction markets is attracting a lot of attention. As the company continues to expand, the big question remains: Can it overcome legal issues and become the world’s top prediction platform?