纳塔莎·马斯卡伦哈斯和德尼察·采科娃据知情人士透露，Kalshi公司正在敲定新一轮融资，届时将这家预测市场平台的估值定在约400亿美元。这轮融资预计将是该公司在首次公开募股前的最后一轮融资，上市最快可能于明年进行。
By Natasha Mascarenhas and Denitsa Tsekova Kalshi Inc. is finalizing a new financing round that would value the prediction market platform at around $40 billion, according to people familiar with the matter. The deal is expected to be the startup’s last round before an initial public offering, which is anticipated as soon as next year, the people said.
Kalshi的估值将接近去年12月时的四倍，当时投资者给予该公司110亿美元的估值。该公司最近一次融资是在3月，当时估值为220亿美元。这家总部位于纽约的公司持续创下新的交易量纪录，很大程度上得益于针对足球比赛、世界杯及其他体育赛事的投注。
Kalshi is set to almost quadruple what it was worth last December, when investors gave it a value of $11 billion. It last raised money in March at a $22 billion valuation. The New York-based company has continually hit record new trading volumes, in large part due to wagers on the football games, the World Cup and other sporting events.
知情人士表示，新投资者之所以产生兴趣，部分是因为该公司的运营效率。彭博新闻查阅的文件显示，Kalshi的毛利率约为90%。
The new investor interest is in part due to the company’s efficiency, the people said. Kalshi has about 90% gross margins, according to documentation viewed by Bloomberg News.
一名知情人士称，红杉资本和惠灵顿管理正在洽谈领投这轮新融资。
Sequoia Capital and Wellington Management are in talks to lead the new financing, according to a person familiar.
Kalshi和红杉资本均拒绝置评。惠灵顿管理未回应置评请求。
Kalshi and Sequoia Capital declined to comment. Wellington Management didn’t respond to a request for comment.
这轮融资的基本条款此前已由《金融时报》和The Information报道，路透社则报道了领投投资者的情况。
The basic terms out of the deal were previously reported by the Financial Times and The Information, while Reuters reported on the lead investors.
Kalshi成立于2018年，迅速成为快速增长的预测市场行业的典型代表。据一名知情人士透露，截至8月，Kalshi的年化收入——也就是按当前速度计算的全年收入——约为40亿美元。
Kalshi was founded in 2018 and has quickly risen in prominence as a poster child of the fast-growing prediction market industry. As of August, Kalshi’s annualized revenue — or annual run rate — was about $4 billion, according to a person familiar.
该公司让人们可以投注从选举到电影奖项等各种事件，不过过去一年，体育博彩一直是该交易平台上最活跃的业务。
The company has made it possible to bet on everything from elections to movie awards, though sports betting has dominated activity on the exchange over the last year.
据 Dune Analytics 上由用户汇总的数据，Kalshi 的交易量在8月超过400亿美元，是仅六个月前的四倍。彭博社报道称，Kalshi 的最大竞争对手 Polymarket 增长较为缓慢，目前正在完成一轮由 1798 Capital 领投的融资，估值达210亿美元。
In August, trading volume on Kalshi surpassed $40 billion, or four times what it was just six months earlier, according to user-compiled data on Dune Analytics. Kalshi’s biggest rival, Polymarket, has seen a slower pace of growth and is currently finalizing a fundraising round at a valuation of $21 billion, led by 1798 Capital, Bloomberg has reported.
Kalshi 和 Polymarket 在美国由商品期货交易委员会作为金融交易所进行监管，这使它们能够依据联邦规则在全国开展业务，而传统体育博彩公司则须接受各州博彩监管机构的监管。
Kalshi and Polymarket are regulated in the US as financial exchanges by the Commodity Futures Trading Commission, which allows them to operate nationwide under federal rules, unlike traditional sportsbooks that answer to state gaming regulators.