Pump.fun plans to raise $1 billion via a token sale, two sources with knowledge of the matter told Blockworks.
Three sources said the sale would come at a $4 billion token valuation.
The token will be sold to both public and private investors, sources added. Blockworks could not immediately confirm when the token is set to go live or whether it will be issued on the pump.fun platform. However, a post on X teased that it could come in the next two weeks.
The potential $4 billion token valuation would mint pump.fun as crypto’s latest unicorn startup after a year in which it helped ignite a memecoin frenzy.
Pump.fun did not immediately return multiple requests for comment.
Read more: How 3 projects show the rise of consumer crypto
Pump.fun — a memecoin launchpad that allows anyone to spin up their own Solana token instantly and for free — was a breakout hit with crypto users after launching in early 2024. The app has already generated over $700 million in cumulative revenue, according to Blockworks Research data.
Users on the platform have minted nearly 11 million new tokens with a current cumulative market cap of roughly $4.5 billion.
As competition heats up among token launchpads, pump.fun has made some updates to its core business — most notably when it launched an AMM that ended its unofficial partnership with Raydium.
Read more: Tracking Solana’s top protocols by fees
Pump.fun also recently launched a mobile app and re-released a live streaming feature it had temporarily suspended after content moderation complaints late last year.
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