China’s Moonshot and its Kimi K3 model have become a fixation for the global AI industry, to the point that the company had to pause accepting new subscribers for fear of running out of compute. Enterprises have shifted from relying on the latest models from frontier closed-source AI labs over to Moonshot and other Chinese open source alternatives so eagerly, and with such intensity, the US government is mulling a ban — hard or soft — against Chinese open source models entirely. Just to keep OpenAI and Anthropic in the race! #🇨🇳 ChinA.I. 🤖🧠🦾🤖
So it’s perhaps not shocking that Moonshot is taking this moment to raise all the additional funding it can, prior to a planned public listing on the Hong Kong Stock Exchange. Bloomberg reports that, once the company completes its current round of fundraising at a $31.5 billion valuation, it plans to “immediately open discussions with potential backers about a follow-on capital-raising,” taking the valuation up to $50 billion. I mean, when you’re hot, you are hot.
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