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- Moonshot AI
Moonshot AI Revenue, Valuation, Funding & Investors
Moonshot AI is valued at $35B as of July 2026. Moonshot AI revenue was $200M, as disclosed with its May 2026 round.
Last Moonshot AI valuation
$35B
Undisclosed stage · Jul 2026
Last Moonshot AI funding round
$3.5B
Undisclosed stage · Jul 2026
Moonshot AI revenue
$200M
Undisclosed stage · May 2026
Key investors in Moonshot AI
Alibaba Group
Tencent
HSG
IDG Capital
ZhenFund
Gaorong Capital
About Moonshot AI
Moonshot AI is a Beijing-based foundation-model company best known for the Kimi family of long-context and multimodal artificial-intelligence assistants. The company develops proprietary large language models, consumer chat products, application-programming interfaces and tools for reasoning over long documents. Its offerings address consumers, software developers and enterprises that use generative AI for research, content, coding and knowledge work. Moonshot monetizes through model access, application subscriptions and usage-based API services while investing heavily in model training and inference infrastructure. Kimi became one of China’s most visible independent AI assistants as the company competed on context length, reasoning and multimodal capabilities. HKIC’s 2025 annual report places Moonshot among its selected AI portfolio companies and dates the investment on its official portfolio timeline.
Founded
2023
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$200M (May 2026)
Valuation
$35B (Jul 2026)
Moonshot AI Valuation
Moonshot AI is currently valued at $35B, based on its undisclosed-stage round in July 2026. Read the announcement ↗
The $3.5B round included National Artificial Intelligence Industry Investment Fund.
Moonshot AI's valuation has grown 14x from $2.5B at its Series B in February 2024 to $35B in July 2026, across 6 priced rounds.
Moonshot AI valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2026 | Undisclosed stage | $35B | - |
| May 2026 | Undisclosed stage | $20B | 100.0x |
| Feb 2026 | Undisclosed stage | $10B | - |
| Dec 2025 | Series C | $4.3B | - |
| Aug 2024 | Series B | $3.3B | - |
| Feb 2024 | Series B | $2.5B | - |
Moonshot AI Revenue
Moonshot AI's latest recorded revenue is $200M, as of its undisclosed-stage round in May 2026. At a $20B valuation, that implies a 100.0x revenue multiple.
Moonshot AI revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2026 | $200M | $20B | 100.0x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Moonshot AI Funding History
Moonshot AI has raised a total of $8.3B across 8 funding rounds.
Moonshot AI's first fundraising round was a $274M undisclosed-stage round in October 2023. The most recent completed round was a $3.5B undisclosed-stage round in July 2026.
Moonshot AI funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2026 | Undisclosed stage | National Artificial Intelligence Industry Investment Fund | $3.5B | $35B | Moonshot AI closed a $3.5 billion funding round in July 2026 at a $35 billion valuation after initially targeting $1 billion to $2 billion. The company was then reportedly exploring a follow-on round at a $50 billion pre-money valuation ahead of a planned Hong Kong IPO, with the latest financing driven by momentum from its Kimi K3 model. The round reflects a sharp re-rating of Moonshot AI’s equity value in 2026, following earlier financings at lower valuations earlier in the year. The company’s rise has been tied to the market reception of its open-weight Kimi models and broader investor appetite for Chinese frontier AI companies. Moonshot AI is a Beijing-based artificial intelligence startup founded by Yang Zhilin and known for the Kimi series of large language models. The company’s backers have included major Chinese technology and investment firms such as Alibaba, Tencent, Meituan, HongShan, ZhenFund, IDG Capital, and 5Y Capital. |
| May 2026 | Undisclosed stage | Longzhu Capital (lead); Tsing Ventures; China Mobile; CPE Yuanfeng | $2B | $20B | Moonshot AI raised $2 billion in a funding round led by Long-Z Investments, the venture arm of Meituan, with participation from Tsinghua Capital, China Mobile, and CPE Yuanfeng. The round values the company at $20 billion post-money. This brings total funding over the past six months to $3.9 billion, following a $700 million raise in early 2026 that valued the company at $10 billion and a prior $4.3 billion valuation at the end of 2025. The investment reflects surging demand for Moonshot AI's open-weight Kimi series of large language models amid intensifying competition in China's AI sector. The round positions Moonshot as the most well-capitalized private LLM startup in China, ahead of peers like MiniMax and Zhipu AI on total funding. Backers include prior investors Alibaba, Tencent, HongShan, ZhenFund, IDG Capital, and 5Y Capital. The funding supports development as the company navigates China's new IPO rules for overseas-registered firms. Moonshot AI, a Beijing-based AI lab, develops the popular Kimi large language models. The company has rapidly scaled, raising significant capital in quick succession to compete with top Western AI firms. |
| Feb 2026 | Undisclosed stage | Tencent; Alibaba Group; 5Y Capital | $700M | $10B | Moonshot AI, the Beijing developer of the Kimi large language models, raised more than USD 700 million in early 2026 in a round that valued the company at about USD 10 billion. That was more than double the USD 4.3 billion set in its USD 500 million Series C led by IDG Capital at the end of 2025. Bloomberg reported on 17 February 2026 that existing backers Alibaba Group, Tencent Holdings and 5Y Capital had committed the first tranche of over USD 700 million, with state-linked investors also reported as anchoring the round. The financing followed strong developer adoption of the open-weight Kimi K2 models and rising annual recurring revenue from Kimi's consumer and API businesses. It preceded a USD 2 billion round led by Meituan's Long-Z Investments at a USD 20 billion valuation in May 2026 and a USD 3.5 billion round led by China's National Artificial Intelligence Industry Investment Fund at USD 35 billion in July 2026. Moonshot AI was founded in 2023 by Yang Zhilin, a former Tsinghua University researcher, and had raised over USD 8 billion of primary capital by mid-2026. |
| Dec 2025 | Series C | IDG Capital (lead); Tencent; Alibaba Group; Wang Huiwen | $500M | $4.3B | Moonshot AI, a Beijing-based AI startup founded in March 2023 by Yang Zhilin, Zhou Xinyu, and Wu Yuxin, develops advanced large language models and AI applications, with its flagship Kimi series emphasizing ultra-long context understanding, reasoning, and agentic capabilities. The company recently released Kimi K2 for complex analytical tasks like multi-step problem solving, coding, and document analysis, featuring a 1-trillion-parameter architecture that outperforms models like GPT-5 on benchmarks. In late December 2025, Moonshot closed a $500 million Series C round led by IDG Capital ($150 million), with participation from Alibaba Group, Tencent Holdings, and Meituan co-founder Wang Huiwen, who increased his stake to a cumulative $70 million. The round valued Moonshot AI at a post-money $4.3 billion, boosting cash reserves beyond 10 billion RMB (approx. $1.37-1.4 billion) to fund GPU infrastructure expansion, R&D for the upcoming K3 model aiming to rival global frontier LLMs by 2026, talent acquisition, and global growth without immediate IPO plans. The oversubscribed financing reflects strong investor confidence in Chinese AI, positioning Moonshot alongside competitors like Baidu's Ernie and Alibaba's Tongyi, with focus on enterprise solutions, on-premise deployments, and developer APIs. Commercially, Moonshot reported 170% month-over-month growth in paid global users and a four-fold increase in API revenue since November 2025, validating its pricing and appeal to developers. Previous rounds included $60 million at $300 million valuation, $1 billion from Alibaba lifting to $2.5 billion in February 2024, and $300 million to $3.3 billion in August 2024. Subsequent talks emerged for up to $1 billion at $18 billion valuation and a jump to $4.8 billion, underscoring rapid ascent in the generative AI race. |
| Aug 2024 | Series B | Gaorong Capital; Tencent; Alibaba Group | $300M | $3.3B | Moonshot AI, a Shanghai-based generative AI startup founded in March 2023 by Tsinghua professor Yang Zhilin, develops large language models like its Kimi intelligent assistant, which became China's top-visited AI chatbot by traffic in March and June 2024. The company is part of China's 'Six Little Dragons' AI startups, competing to rival OpenAI with advanced LLMs handling long text inputs. It previously raised $60 million in an angel round, hundreds of millions in pre-A, and over $1 billion in February 2024 led by Alibaba at a $2.5 billion valuation, with investors including HongShan (Sequoia China) and others. In a funding round around August 2024, Moonshot secured over $300 million (2.14 billion yuan) from Tencent, Gaorong Capital, and existing investor Alibaba, boosting its post-money valuation to $3.3 billion. This matches the queried investors and approximate May-August 2024 timing, though sources cite Bloomberg without exact date confirmation. The round underscores heavy capital inflows into Chinese AI amid competition from firms like Baichuan ($2.8 billion valuation) and MiniMax, with Alibaba and Tencent backing multiple 'Little Dragons'. China's AI push includes a $40 billion state semiconductor fund and leads in generative AI patents (38,000 vs. US 6,276 from 2014-2023), with 83% enterprise adoption. Moonshot draws talent from Google, Meta, and Amazon, building on founder expertise like outperforming Google's BERT with XLNet. |
| Feb 2024 | Series B | Alibaba Group (lead); HSG (lead); Meituan; Xiaohongshu | $1B | $2.5B | Moonshot AI, a Chinese AI startup founded less than a year prior, develops large language models (LLMs) focused on long context understanding, with its flagship Kimi chatbot. In February 2024, it raised over $1 billion in a Series B round, valuing the company at $2.5 billion, the largest single funding round for Chinese LLM developers on record. The round was co-led by Alibaba Group and HongShan (formerly Sequoia China/HSG), with participation from Meituan and Xiaohongshu. This funding builds on a prior round where Moonshot raised $200 million at a $300 million valuation from HongShan and Zhen Fund. The investment reflects intense competition among Chinese internet giants like Alibaba and Tencent to back domestic AI contenders amid U.S. restrictions on AI chatbots in China. |
| Jan 2024 | Undisclosed stage | Hong Kong Investment Corporation Limited | - | - | During 2024, with the precise date not publicly disclosed, hKIC’s 2025 annual report portfolio timeline places Moonshot AI before the 2025 marker and represents the company with invested-capital bubble sizing. Neither HKIC’s cheque size nor the resulting ownership percentage or valuation was disclosed. The holding gives HKIC exposure to a leading independent Chinese foundation-model developer and its Kimi consumer and API products. The company develops proprietary large language models, consumer chat products, application-programming interfaces and tools for reasoning over long documents. Its offerings address consumers, software developers and enterprises that use generative AI for research, content, coding and knowledge work. Moonshot monetizes through model access, application subscriptions and usage-based API services while investing heavily in model training and inference infrastructure. Kimi became one of China’s most visible independent AI assistants as the company competed on context length, reasoning and multimodal capabilities. The investment fits HKIC’s mandate to seek medium- to long-term returns while using patient capital to strengthen Hong Kong’s technology, commercial and talent ecosystem. No evidence indicates that the transaction was debt, a grant, a fund-level commitment, an acquisition of control or a secondary sale. |
| Oct 2023 | Undisclosed stage | ZhenFund; Capital Today; Monolith Management; HSG | $274M | - | Moonshot AI, the Beijing developer of the Kimi large language models founded in March 2023 by Tsinghua professor Yang Zhilin, raised its first significant external capital in 2023 from ZhenFund, HongShan (formerly Sequoia China), Capital Today and Monolith Management. Chinese media reported the financing at close to RMB 2 billion, or roughly $270 million, and it valued the young company in the low hundreds of millions of dollars, with an earlier tranche of about $200 million from HongShan and ZhenFund reported at a $300 million valuation. The funds were used to train the Kimi chatbot, which launched in October 2023 with a focus on very long context windows. Moonshot went on to raise more than $1 billion from Alibaba and HongShan in February 2024 at a $2.5 billion valuation, becoming one of the so-called six little dragons of Chinese AI. |
Who has invested in Moonshot AI?
18 investors have backed Moonshot AI across its funding rounds, including Alibaba Group, Tencent, HSG, IDG Capital, ZhenFund and Gaorong Capital.
Lead investors include Longzhu Capital, IDG Capital, Alibaba Group and HSG.
Moonshot AI Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Feb 2024 | ||
| 3 | Participant | Aug 2024 | ||
| 2 | Lead | Oct 2023 | ||
| 1 | Participant | Oct 2023 | ||
| 1 | Lead | May 2026 | ||
| 1 | Lead | Dec 2025 | ||
| 1 | Participant | May 2026 | ||
| 1 | Participant | Feb 2024 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Participant | May 2026 | ||
| 1 | Participant | Jul 2026 | ||
| 1 | Participant | Feb 2024 | ||
| 1 | Participant | Feb 2026 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialMoonshot AI Competitors
Moonshot AI competitors include listed companies like Z.ai and IonQ, and private ones like Cohere, Safe Superintelligence, Prometheus and Cognition.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $240M | - | $36B | - | ||
| Private | - | - | $32B | - | ||
| Publicly listed | $109M | ($663M) | $30B | 36.3x | ||
| Private | - | - | $41B | - | ||
| Private | $900M | - | $48B | 53.3x | ||
| Publicly listed | $130M | ($531M) | $13B | 27.5x |
Moonshot AI Public Comps
Moonshot AI is still privately-owned, but its public comps include Z.ai, IonQ, MiniMax Group, Presight AI, Ncino, Affle 3i, C3.ai, Haizhi, Snowflake and Palantir.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $109M | ($663M) | 273.4x | 36.3x | (44.9x) | (44.9x) | |||
| $130M | ($531M) | 83.4x | 27.5x | (20.4x) | (26.4x) | |||
| $79M | ($1.9B) | 77.1x | - | (3.2x) | - | |||
| $825M | $214M | 6.0x | 4.9x | 23.0x | 19.1x | |||
| $595M | $65M | 4.5x | 4.2x | 41.1x | 16.1x | |||
| $285M | $67M | 6.3x | 5.6x | 26.7x | 24.7x | |||
| $250M | ($484M) | 5.0x | 5.3x | (2.6x) | (7.6x) | |||
| $93M | ($30M) | 16.4x | 11.5x | (51.3x) | (51.7x) | |||
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Common questions about Moonshot AI
| When was Moonshot AI founded? | Moonshot AI was founded in 2023. |
| Where is Moonshot AI headquartered? | Moonshot AI is headquartered in Beijing, China. |
| Is Moonshot AI publicly listed? | No, Moonshot AI is a private, VC-backed company. |
| What is Moonshot AI's valuation? | Moonshot AI was last valued at $35B in its undisclosed-stage round in July 2026. |
| How much funding has Moonshot AI raised? | Moonshot AI has raised $8.3B across 8 funding rounds. |
| What was Moonshot AI's last funding round? | Moonshot AI's last funding round was a $3.5B undisclosed-stage round in July 2026. |
| Who are Moonshot AI's investors? | Moonshot AI's investors include Alibaba Group, Tencent, HSG, ZhenFund, Longzhu Capital, IDG Capital, Tsing Ventures, Meituan, Gaorong Capital, China Mobile and 8 others. |
| What is Moonshot AI's revenue? | Moonshot AI's latest recorded revenue is $200M (May 2026). |
| What is Moonshot AI's revenue multiple? | Moonshot AI's latest valuation implies a 100.0x revenue multiple ($20B valuation on $200M of revenue). |
| Which companies are comparable to Moonshot AI? | Companies comparable to Moonshot AI include Cohere, Safe Superintelligence, Z.ai, Prometheus, Cognition and IonQ. |
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