Moonshot AI

Artificial Intelligence · China Tech · IPO

Milestone

Moonshot AI reportedly closes $31.5B round, targets $50B before IPO

Demand for its coding model surged so fast that Moonshot paused new sign-ups just as revenue jumped 50% in two months.

• Moonshot AI is closing a financing round at a $31.5 billion valuation and plans to immediately open a follow-on round targeting up to $50 billion, sources told Bloomberg.
• The Beijing lab, founded by Tsinghua-trained researcher Yang Zhilin, builds the Kimi family of AI models and named itself after Pink Floyd's 'Dark Side of the Moon.'
• The new round is expected to be Moonshot's last private raise before a planned Hong Kong listing within about six months, with CICC and Goldman Sachs reportedly underwriting.
• The catalyst is Kimi K3, a 2.8-trillion-parameter open-weight model that topped a coding benchmark ahead of Anthropic's Claude Fable 5 and OpenAI's GPT-5.6, reviving talk of another 'DeepSeek moment.'
• Annual recurring revenue rose from $200 million in April to $300 million in June, and daily sales have jumped at least sixfold since K3's launch.
• Demand outran capacity: Moonshot had to temporarily pause new Kimi subscriptions within 48 hours of K3's release because its compute cluster neared its limits.
• Moonshot's valuation has moved from about $4.3 billion in December 2025 to $31.5 billion now, a pace that shows investors repricing Chinese open-weight AI labs almost in real time as they close the gap with US frontier models.