Moonshot AI’s Kimi recently closed its prior $20bn valuation round and has
opened a new financing round with a $31.5bn pre-money valuation. In fundraising
materials Kimi said mid‑June ARR exceeded $300m. Growth is driven by model
iterations lifting developer usage and API sales; API revenue now exceeds 70% of
total and is rising. Kimi’s revenue pattern shows early ANTHROPIC-style
commercialization: ramping developer calls, higher API share, growth in overseas
paying users, and upward pressure on pricing as model capabilities improve.
