Physix FrontierMoonshot AI's Kimi Closes $3.5B Series F, Preparing for HK IPO
One-Sentence Summary
Kimi's parent company Moonshot AI completed a Series F funding round of over $3.5 billion (closed early due to 3x oversubscription), reaching a post-money valuation of $35 billion. It has already initiated its Series G (Pre-IPO) financing and plans to submit an IPO application to the HKEX this month.
Funding Details
- Series F: >$3.5 billion, post-money valuation of $35 billion, 3x oversubscribed
- Series G (Pre-IPO): Already started early, pre-money valuation of $50 billion
- IPO Plan: Submit prospectus to HKEX as early as this month, targeting $3 billion in fundraising
Funding History
| Time | Round | Valuation |
|---|---|---|
| 2023 | Angel | $300 million |
| 2024 | A+ | $2.5 billion |
| 2025 | C | $4.3 billion |
| 2026.05 | D | $20 billion |
| 2026.08 | F | $35 billion |
| Pre-IPO | G | $50 billion (pre-money) |
Valuation grew 166x in 3 years.
Key Data
- ARR: Approx. $300 million
- API Revenue Share: >70% (B2B focused)
- Kimi K3 Model: Evaluated by Microsoft for integration into Copilot, expected to save $600 million annually
Investment Perspective
If successful, Moonshot AI will become the first large model player from China to go public with a valuation in the tens of billions of dollars. Its B2B-focused commercialization path (>70% API revenue share) creates clear differentiation from OpenAI's consumer-oriented route, significantly boosting the valuation center of the AI sector on the HK stock market.
Source: AIbase / 21st Century Business Herald / Reuters | 2026-08-06
