Prediction market platform Kalshi is developing a new interface for its highly engaged traders to track the company’s prediction markets, according to a source familiar with the plans.

The product, which the source compared to the “Bloomberg Terminal” for traditional equities and derivatives, is currently in alpha testing with a select group of traders on the platform and has been in development for about a month.

Some of the features of the interface, which were shown to CNBC, include tracking popular contracts by 24-hour volumes across various categories, the ability to see all trades as they’re actively placed and also to view individual contracts’ order books. Users can customize their interfaces to see event contracts related to their own portfolios and are able to manage multiple positions in varying markets at the same time. Traders also can enable an option to reduce the friction to place trades.

Kalshi declined a request to comment.

The source said the company is creating the software to establish a singular product for its highest engaged retail traders, colloquially known as “sharps,” who typically use custom workflows to enhance their trades and gain an edge. The source didn’t know if Kalshi plans to monetize the platform, either at a potential launch or in the future.

In April, Fortune reported that venture capital firm Paradigm, a major Kalshi investor, was building its own prediction markets data platform. However, the report said that platform was in development for market makers and professional traders.

Long-term, the Kalshi source said the company’s platform may include research and other external information, similar to that of Bloomberg’s popular product serving Wall Street traders and investors. Kalshi’s market data is currently accessible on Bloomberg’s platform. 

Bloomberg’s system is still referred to as a “terminal” even though it switched from a closed computer system to a software package long ago.

While the Kalshi product will focus on its prediction markets, the source added that a goal is to extend it to the company’s other asset classes. On Friday, Kalshi announced it received approval to offer perpetual futures on cryptocurrencies. 

That announcement came one day after the company launched another product, its American Power Index, which it calls a real-time measure of political power using Kalshi’s data. 

The source did not include a timeline for an official launch of the new terminal product. 

Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.

BEIJING — China’s Luckin Coffee is taking direct aim at Starbucks‘ high-end roastery chain with a new flagship store in the country’s south that sells premium drinks.

It’s Luckin’s first major departure from its original strategy of operating budget-priced coffee kiosks – a move that helped the company overtake Starbucks in terms of the number of storefronts in China.

Now, with the U.S. company selling off most of its struggling China business to a local investment firm, Luckin is proving it’s more than made a comeback from fraud allegations in 2020 that forced it to delist from the Nasdaq.

The Chinese company on Sunday officially opened its two-floor Luckin Coffee Origin Flagship in Shenzhen on the border with Hong Kong.

In contrast to Luckin’s typical offerings priced at roughly $1 or $2 for an Americano or latte, the flagship store has nudged prices slightly higher for a range of pour-over and cold brew coffee drinks. Customers can choose beans from Brazil, Ethiopia or China’s Yunnan province, as Luckin taps into the geographical sourcing “origin” theme popular with Starbucks and other coffee companies.

The new store also sells several specialty drinks such as a “tiramisu latte” with a pastry on top, according to posts on Chinese social media platform Xiaohongshu. Users have started posting about 1 to 3 hour waits for the drinks since the store’s soft launch on Jan. 20.

The 420-square-meter (4,521 square feet) store signals how intense the competition in China has become for Starbucks. Back in 2017, the U.S.-based coffee giant chose Shanghai for its second-ever Reserve Roastery “megastore,” after launching the premium store concept in Seattle three years earlier.

But as coffee has taken off in China, traditionally a tea-drinking market, Starbucks has run into a slew of competitors from boutique cafes to chains such as Cotti Coffee and Manner — which often sell drinks at half the price as Starbucks.

Luckin reported revenue of $1.55 billion for the three months ended Sept. 30, 2025, a nearly 48% increase from a year earlier.

That’s just for the company’s self-operated stores, which account for well over half of Luckin’s China locations and most of its handful of overseas stores. The new Shenzhen location is billed as Luckin’s 30,000th store. The company reported a total of 29,214 stores worldwide as at Sept. 30.

In contrast, Starbucks has just over 8,000 stores in China and around 16,900 in the U.S., its biggest market.

The Seattle-based coffee giant reported a 6% year-on-year increase in China net revenue to $831.6 million for the three months ended Sept. 28. Comparable same-store sales, a standard industry metric, was just 2%, but improved to 7% for the quarter ended Dec. 28.

Starbucks did not share China net revenue for the latest quarter. The company expects to close a deal in the spring to sell 60% of its China business to Boyu Capital, while retaining a 40% stake. When the deal was announced in November, Starbucks said it values its China business at $13 billion, including future licensing fees.

Luckin, whose shares still trade over-the-counter in the U.S., had a market value of around $10.46 billion as of Thursday.