Polymarket's revenue run rate tops $1.8 billion as U.S. trading surges
Polymarket told CNBC its annualized revenue has topped $1.8 billion, up from more than $1 billion in June, as monthly U.S. trading volume more than tripled to $14.77 billion in October.
A revenue run rate jumps
Polymarket told CNBC on Tuesday that its annualized revenue has surpassed $1.8 billion, up from a pace above $1 billion disclosed in June. The figure is a run rate — the current pace of business projected over a year — not revenue already earned in 2026.
The prediction-market operator is also pursuing a $1 billion funding round at a reported $21 billion post-money valuation, with Donald Trump Jr.'s 1789 Capital expected to lead and contribute about $300 million.
Volume more than triples
Trading on Polymarket's U.S. exchange rose about 266% between June and October, climbing to $14.77 billion in monthly notional volume from $4.04 billion, according to analytics platform TickerTracker. TickerTracker counts trades at the contracts' full payout value, not the cash traders paid.
Combo contracts, which bundle multiple predictions into a single wager, accounted for $8.6 billion, or 58.2%, of October's volume. Sports contracts added another $4.57 billion, or 31%.
- Annualized revenueMore than $1.8 billion
- June run rateMore than $1 billion
- October U.S. volume$14.77 billion
- June U.S. volume$4.04 billion
- Reported valuationAbout $21 billion
Growth amid legal fights
The growth comes as federal and state regulators battle over oversight of prediction markets. Polymarket's U.S. arm operates as a designated contract market regulated by the Commodity Futures Trading Commission, while states have challenged sports-related contracts under gambling laws.
Polymarket relaunched in the U.S. in December 2025, after nearly four years during which it was barred from operating in the country under a settlement with the Commodity Futures Trading Commission. Rival Kalshi remained ahead in third-quarter notional trading volume, according to a comparison by Predicted.
A funding round and a reorganization
Polymarket cut jobs and ended several contractor agreements last week as part of a broader reorganization, Reuters reported on Nov. 11. More than half of the cuts were contractors, a person familiar with the matter told Reuters, and the company declined to disclose the percentage of its total workforce affected.
The reorganization comes as competition heats up: rival Kalshi raised $1 billion late last month in a funding round co-led by Sequoia and Wellington, at a $40 billion valuation. The Commodity Futures Trading Commission is also probing whether Polymarket violated a 2022 enforcement deal in which it promised to ban U.S. users from its main overseas platform, Reuters reported.
