Moonshot AI Valuation Soars to $20 Billion After Securing $2 Billion in New Funding Round

Moonshot AI, the Beijing-based startup behind the popular Kimi chatbot, has raised approximately $2 billion in a new funding round, catapulting its valuation to over $20 billion. The round was led by Long-Z Investments, Meituan’s venture arm, and included China Mobile. According to financial adviser HF Capital, the company’s annual recurring revenue (ARR) exceeded $200 million in April, and total capital raised in the past six months reached $3.9 billion. By comparison, US rival Anthropic’s ARR recently passed $30 billion, while Hong Kong-listed peers Zhipu AI and MiniMax boast market caps of $55.5 billion and $32.8 billion respectively, suggesting Moonshot still has room to grow.

The funding comes as Moonshot navigates Beijing’s updated IPO rules for offshore-registered companies. With its parent based in the Cayman Islands, the startup is considering unwinding that structure to list in Hong Kong, following advice from the China Securities Regulatory Commission. The regulator now requires companies with offshore holdings to either restructure through mainland entities or justify retaining the structure. A source close to Moonshot confirmed the firm is evaluating its options, mirroring a similar move by peer StepFun. The IPO push highlights the intense competition in China’s AI sector, where deep local integration and regulatory compliance are becoming critical gates to public market access.