Moonshot AI targets US$12 billion valuation as revenue surges for Kimi models

Moonshot AI, the Chinese start-up behind the powerful Kimi artificial intelligence models, has added at least another US$700 million to its war chest after launching another funding round that could value it at up to US$12 billion.

The new round, which comes just over a month after its last one, could almost triple Moonshot’s previous valuation of US$4.3 billion amid exploding investor interest in China’s AI enterprises.

It was jointly led by existing investors including Alibaba Group Holding, Tencent Holdings, Andon Hong Kong and 5Y Capital, according to a source who requested anonymity as they were not authorised to speak publicly.

Moonshot, Alibaba, Andon and 5Y did not immediately respond to requests for comment on Wednesday. Tencent declined to comment.

Alibaba owns the South China Morning Post.