Moonshot AI raises about $3.5B at a $35B valuation after Kimi K3 launch

Moonshot AI

Moonshot AI raised about $3.5 billion at a $35 billion valuation, far above the $1-2 billion it sought, after its Kimi K3 model launched July 27. Kimi K3 is a 2.5-trillion-parameter mixture-of-experts model with native visual understanding and a 1M-token context window. China's National AI Industry Investment Fund led; Moonshot plans a $50B pre-IPO round for Hong Kong listing.

• Raised $3.5B at $35B valuation; far exceeded $1-2B initial target; previously $4.3B valued December 2025.
• Kimi K3 is 2.5-trillion-parameter mixture-of-experts with native vision and 1M-token context; released July 27 on Hugging Face.
• National AI Industry Investment Fund led round; targeting $50B pre-money valuation for Hong Kong IPO by end of year.