总部位于纽约的预测市场初创公司 Kalshi 周四表示，该公司在新一轮融资中筹集了 10 亿美元，估值达到 400 亿美元，旨在拓展至事件合约之外，更直接地与传统交易所竞争。
Kalshi has raised $1 billion in a new funding round that values the prediction-market startup at $40 billion, the company said on Thursday, as it pushes to expand beyond event contracts and compete more directly with traditional exchanges.
此次融资正值 Kalshi 寻求超越其在体育和选举预测市场的根基，转型为多资产交易平台之际。这一举措使该初创公司与芝加哥商品交易所集团（CME.O）和纽约证券交易所母公司洲际交易所（ICE.N）等传统交易所巨头展开竞争。
The fundraising comes as New York-based Kalshi seeks to expand beyond its prediction market roots in sports and elections to become a multi-asset trading platform. The move pits the startup against traditional exchange heavyweights such as CME Group (CME.O) and New York Stock Exchange parent Intercontinental Exchange (ICE.N).
知情人士透露，本轮融资由红杉资本和 Wellington 共同领投，Tiger Global Management 和 Dragoneer Investment Group 也参与了投资。
The round was co-led by Sequoia and Wellington. Tiger Global Management and Dragoneer Investment Group also took part, a source familiar with the matter said.
这笔融资距离 Kalshi 上一轮由 Coatue 领投、估值 220 亿美元的 10 亿美元融资仅过去五个多月。其估值自此上涨了近 82%。
The financing comes just over five months after Kalshi raised another $1 billion in a Coatue-led round that valued the company at $22 billion. Its valuation has risen by nearly 82% since then.
2026 年，在美国商品期货交易委员会批准相关产品后，Kalshi 进军永续期货领域。公司最初提供加密货币永续合约，随后扩展至股指和金属品种。
In 2026, Kalshi moved into perpetual futures after the Commodity Futures Trading Commission approved the products. The company initially offered cryptocurrency perpetuals before expanding into equity indexes and metals.
永续期货（常被称为“perp”）是一种没有到期日的衍生品合约，允许交易者无限期持有头寸而无需展期。它们也可能涉及高杠杆，从而放大潜在收益和损失。
Perpetual futures, often called "perps," are derivative contracts with no expiry date, allowing traders to hold positions indefinitely without rolling them over. They can also involve high leverage, increasing both potential gains and losses.
Kalshi 和 Polymarket 等预测市场平台的批评者认为，这些产品类似赌博，可能助长成瘾行为。
Critics of prediction-market platforms such as Kalshi and Polymarket argue that the products resemble gambling and could encourage addictive behavior.
本周早些时候，犹他州检察长对 Kalshi 及两名高管提起刑事指控，指控该公司非法推广网络赌博。
Earlier this week, Utah's attorney general brought criminal charges against Kalshi and two senior executives, accusing the company of illegally promoting online gambling.
自上届美国总统大选以来，预测市场平台声名大噪。根据 Dune Analytics 数据，过去一年 Kalshi 的市场份额已超越竞争对手 Polymarket，而 Polymarket 则面临美国平台上线延迟和 CFTC 调查的困境。
Prediction-market platforms have gained prominence since the last US presidential election. Kalshi has overtaken rival Polymarket in market share over the past year, according to Dune Analytics data, while Polymarket has faced delays with its U.S. platform launch and a CFTC probe.