Donald Trump Jr.’s venture capital firm, 1789 Capital, is leading a $1 billion funding round that values Polymarket at $21 billion, contributing roughly $300 million in fresh capital on top of the $200 million it had already invested. The new round lifts Polymarket’s valuation 40% above the $15 billion mark it carried earlier this year. Trump Jr. also advises rival prediction market firm Kalshi, where he received shares worth over $300,000 in 2025. Despite regulatory challenges in Baltimore, South Korea, France, Germany, Australia, and over 30 other countries, institutional money continues flowing into the platform.
1789 Capital spokesperson Alexa Henning said the firm’s total investment in Polymarket now sits at around $500 million combined. The $21 billion valuation is a jump from the roughly $15 billion the platform carried in April.
Polymarket and Kalshi let users bet on outcomes ranging from presidential speeches to reality show marriages. Both platforms have grown quickly over the past year.
Trump Jr.’s ties to the prediction market industry go beyond Polymarket. He became an adviser to Kalshi in 2025 and received shares worth more than $300,000, and he separately advises Polymarket as well.
His father’s administration has also moved in the industry’s favor. Michael Selig, who heads the Commodity Futures Trading Commission, has spoken favorably of both companies.
However, Baltimore Mayor Brandon M. Scott and the City Council sued both Polymarket and Kalshi last month. They accuse the platforms of offering unlicensed sports betting dressed up as event contracts.
The city is seeking penalties and restitution for residents it says were exposed to unregulated gambling. Things are also heating up abroad.
South Korea ordered domestic access to Polymarket blocked, with regulators saying the platform’s structure “encourages gambling behavior.” France, Germany, and Australia have imposed similar restrictions, with over 30 countries in total blocking or limiting the platform.
Despite the legal troubles, money has kept flowing into Polymarket. Intercontinental Exchange, the parent company of the New York Exchange, invested $600 million as part of a plan to put up to $2 billion toward expanding into event-based trading.
