Trump's son-led 1789 Capital leads a $1 billion financing for Polymarket, with a valuation of $21 billion

According to CoinDesk, Donald Trump Jr.'s venture capital firm 1789 Capital is leading a $1 billion funding round for the prediction market Polymarket, bringing the platform's valuation to $21 billion. A spokesperson for the company, Alexa Henning, stated on Monday that 1789 Capital will invest approximately $300 million in this round, having previously invested about $200 million.Polymarket's previous valuation was around $15 billion, and this funding round has increased its valuation by about 40% in just a few months. Polymarket and its competitor Kalshi allow users to bet on the outcomes of various events, such as presidential speeches and reality TV star marriage announcements, both of which have seen rapid growth over the past year.The Trump family's involvement in this field is also expanding. Donald Trump Jr. became an advisor to Kalshi in 2025 and received shares worth over $300,000, while he also provides advisory services for Polymarket. Michael Selig, the head of the Commodity Futures Trading Commission (CFTC) appointed by President Trump, has publicly praised these prediction platforms and has filed lawsuits against states attempting to regulate the industry. In May of this year, Trump posted on Truth Social that prediction markets will thrive under his leadership.