According to CoinMeta, and as reported by Bloomberg, Polymarket is in preliminary negotiations with potential investors, planning to raise about $1 billion and has a valuation of over $20 billion. The company has not yet announced any deals, and a spokesperson refused to comment on this report. The amount of financing, valuation, and group of investors should be considered "preliminary" rather than finalized. A successful financing would bring Polymarket closer to its biggest competitor, Kalshi, which received a valuation of $22 billion in May.