Donald Trump Jr.’s venture capital firm 1789 Capital is leading a $1 billion funding round for prediction market platform Polymarket that values the company at $21 billion. The firm intends to contribute approximately $300 million, according to a spokesperson, building on an earlier stake of about $200 million.

The planned investment would bring 1789 Capital’s total disclosed commitments in Polymarket to around $500 million and position it among the company’s largest backers. The transaction has not been finalized, and the ultimate size, participant list, and ownership details remain subject to change before closing.

Valuation Jump and Investor Backing

The new round would mark a roughly 40 percent increase from Polymarket’s prior valuation of about $15 billion, achieved in recent months. The $21 billion post-money figure represents the price negotiated among private investors rather than a public market capitalization.

Intercontinental Exchange, the owner of the New York Stock Exchange, remains Polymarket’s largest shareholder. ICE holds approximately 22 percent of outstanding shares after earlier investments that included an initial commitment of up to $2 billion announced in 2025 and a subsequent $600 million cash infusion in March 2026. Those deals initially valued the platform near $8 billion before subsequent rounds.

Polymarket operates an international blockchain-based venue alongside a regulated U.S. exchange acquired through its purchase of QCEX. The U.S. entity holds Commodity Futures Trading Commission designation as a contract market, allowing it to offer event contracts under federal oversight.

Trump Family Ties and Industry Growth

Donald Trump Jr. serves as a partner at 1789 Capital and joined Polymarket’s advisory board after the firm’s earlier investment. He has also advised rival prediction market operator Kalshi, where he previously received shares valued at more than $300,000.

Trump Jr. has stated that he acts as a private citizen with no policy role in the administration. Prediction markets have expanded rapidly, allowing users to trade contracts on elections, sports outcomes, economic data, and other events. Both Polymarket and Kalshi have recorded sharp growth in trading volume over the past year.

President Donald Trump has expressed support for the sector, stating that prediction markets would thrive under his leadership. His appointee to lead the CFTC has praised the platforms and pursued legal action against certain state regulatory efforts targeting event contracts.

Regulatory Backdrop

Polymarket previously restricted U.S. users following a 2022 CFTC settlement that included a $1.4 million civil penalty. The company later rebuilt domestic operations through the regulated infrastructure obtained via QCEX. Federal and state authorities continue to dispute jurisdiction over sports-related event contracts, with courts issuing mixed rulings on whether CFTC oversight preempts state gaming laws.

The additional capital would support technology, compliance, market surveillance, and ongoing legal matters as the platform competes with Kalshi. Neither Polymarket nor 1789 Capital has detailed whether the latest round consists of primary shares, secondary sales, or a mix of both.

1789 Capital has grown quickly, managing more than $3 billion after starting with a few hundred million dollars two years earlier. Its portfolio includes stakes in SpaceX, defense technology firm Anduril, and other private companies.