Polymarket is raising $1 billion in a round led by 1789 Capital, a deal that would value the prediction-market platform at $21 billion, according to a Bloomberg report.

1789 Capital is expected to contribute hundreds of millions of dollars to the round. The $21 billion figure marks a sharp step up from April, when Polymarket closed financing at a $15 billion valuation with backing from D.E. Shaw and G Squared.

The raise underscores how quickly prediction markets have moved into the mainstream, with Polymarket cementing its position as the category's most valuable player as trading volumes and institutional interest climb.

A $21 billion valuation would place Polymarket among the most richly valued private companies in crypto, just four months after its previous round.

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