Donald Trump Jr.'s 1789 Capital has agreed to lead a $1 billion Polymarket funding round with roughly $300 million that would value the prediction market platform at $21 billion.
1789 Capital Deepens Investment
The new $300 million commitment would take 1789 Capital's total disclosed investment in Polymarket to roughly $500 million across funding rounds. Trump Jr. is a partner at 1789 Capital and joined Polymarket's advisory board last year following the firm's earlier investment. His involvement extends across competing prediction market companies — Trump Jr. also joined Kalshi as an adviser last year and received company shares worth more than $300,000, according to the New York Times. Trump Jr. has said he was acting as a private citizen and had "no policy position and no role within the administration whatsoever."
Polymarket Valuation Climbs Above $20 Billion
The $21 billion valuation comes less than two weeks after reports that Polymarket was seeking capital at a valuation exceeding $20 billion. Intercontinental Exchange CEO Jeff Sprecher said in August that the NYSE parent could consider joining another Polymarket financing. ICE had accumulated a $1.64 billion stake in the company by March. The latest proposed valuation would be more than twice the $9 billion post-money valuation attached to ICE's October 2025 transaction. Rival Kalshi raised $1 billion earlier this year at a $22 billion valuation.
1789 Capital's Expanding Portfolio
1789 Capital has expanded quickly from a few hundred million dollars two years ago to overseeing more than $3 billion today. Its portfolio includes private companies such as SpaceX, defense technology company Anduril, AI chipmaker Cerebras and artificial intelligence startup Reflection AI. Some companies backed by the firm hold large U.S. government contracts.
Polymarket's Regulated Route Back to US Market
Polymarket stopped serving U.S. users following a 2022 CFTC settlement over unregistered event-based binary options, paying a $1.4 million civil penalty. Its route back began with the $112 million acquisition of QCEX in July 2025, giving Polymarket control of a CFTC-licensed designated contract market and derivatives clearing organization. The CFTC later issued a no-action letter covering the entity. President Trump has backed federal oversight through the CFTC, saying prediction markets would "thrive" under his administration.
