Trump Jr.'s firm reportedly leads $1 billion Polymarket raise at $21 billion value

Donald Trump Jr.'s venture capital firm 1789 Capital reportedly leads a $1 billion funding round in Polymarket at a $21 billion valuation. The firm is contributing about $300 million, spokesperson Alexa Henning said. 1789 Capital had already invested roughly $200 million. Polymarket was previously valued at about $15 billion. The new round increases that valuation by 40% in a matter of months. Polymarket lets users bet on outcomes such as statements by a president and marriages on reality shows. Rival Kalshi also offers prediction-market contracts on such outcomes. Both companies have grown sharply over the past year. Trump Jr. became an adviser to Kalshi in 2025. He received shares worth more than $300,000 from Kalshi. Trump Jr. separately advises Polymarket. Donald Trump's administration has supported the prediction-market industry. The administration has challenged state efforts to regulate it. Michael Selig is Trump's appointee to run the Commodity Futures Trading Commission. The commission regulates prediction markets. Selig has praised Polymarket and Kalshi. Selig has sued states that attempted to regulate them. Trump wrote on Truth Social in May that prediction markets would thrive under his leadership.