Who is betting on what in AI, and against whom.
Kimi models; filed confidentially for a Hong Kong IPO in September 2026.
Moonshot builds the Kimi models. Its valuation went from about $4B at the start of 2026 to $35B by July after the Kimi K3 release, on a $3.5B round, and it is preparing a Hong Kong listing.
| Amount | Kind | Valuation | Date | Investors | Source |
|---|---|---|---|---|---|
| $1B | funding round | $2.5B post-money | Feb 2024 | Alibaba, HongShan | TechCrunch |
| $3.5B | funding round | $35B post-money | Jul 2026 | Bloomberg | |
| $3B reported | ipo filing | Sep 2026 | Confidential Hong Kong filing reported at $3B, with up to $5B considered; the $50B figure is the valuation press reports attach to the current round. | TechNode, Bloomberg |