Investment firm 1789 Capital, where U.S. President Donald Trump’s son Donald Trump Jr. is a partner, will invest up to $300 million in a new Polymarket funding round, The Wall Street Journal reported, citing people familiar with the matter. If completed, the investment could bring the fund’s total stake to $500 million and make it one of Polymarket’s largest investors.

Reports that Polymarket was preparing a new funding round surfaced in early August 2026, when the talks were described as being at an early stage. Media reports at the time cited a potential valuation of more than $20 billion for the platform.

Polymarket plans to raise as much as $1 billion, with 1789 Capital leading the round and contributing up to $300 million, according to the Journal.

Intercontinental Exchange is currently one of Polymarket’s largest investors. Its total investment in the platform stands at $1.6 billion, representing an estimated stake of about 22%.

1789 Capital previously invested in Polymarket in August 2025, when Trump Jr. joined the company as an advisor. The amount and terms of that investment were not disclosed.

The Journal said the fund’s previous Polymarket investments totaled about $200 million. A successful new round would bring 1789 Capital’s total stake to $500 million.

Conflict-of-interest scrutiny

Congressman Jamie Raskin sent a letter to the fund’s management seeking a list of its investments, its correspondence with the government and information about the decision to hire Trump Jr. as a partner, according to the Journal. The fund rejected conflict-of-interest allegations as “unfounded claims.”

1789 Capital’s involvement comes as Polymarket seeks to bring its global business back to the United States. The platform operates in the country through a regulated unit that primarily offers sports-related contracts.

Source: Incrypted