# Moonshot AI raises $3.5 billion Series D+ at $35 billion valuation

> Chinese AI lab Moonshot AI has closed a 3.5 billion dollar Series D+ round at a 35 billion dollar post-money valuation, blowing well past an original target of 1 to 2 billion dollars. The round was led by China's National Artificial Intelligence Industry Investment Fund, and the company is reportedly already lining up a follow-on at a 50 billion dollar pre-money valuation ahead of a planned Hong Kong IPO later this year. The raise is powered by momentum behind Moonshot's Kimi models. Its latest, Kimi K3, launched in mid-July with 2.8 trillion parameters, native vision, and a one-million-token context window, and the company says annual recurring revenue has crossed 300 million dollars. The scale here is a reminder that the frontier is not a two-country story between US labs. Moonshot is one of a cluster of well-funded Chinese labs pushing large open and semi-open models, and state-linked capital at this size signals how strategically Beijing views domestic frontier AI. A successful Hong Kong listing would give the company a public-market war chest to keep pace.

_Section: [AI Funding Tracker](https://www.wortins.com/funding) · Source: Unite.AI · Published Sunday, August 2, 2026_

## Wortins' read

Chinese AI lab Moonshot AI has closed a 3.5 billion dollar Series D+ round at a 35 billion dollar post-money valuation, blowing well past an original target of 1 to 2 billion dollars. The round was led by China's National Artificial Intelligence Industry Investment Fund, and the company is reportedly already lining up a follow-on at a 50 billion dollar pre-money valuation ahead of a planned Hong Kong IPO later this year. The raise is powered by momentum behind Moonshot's Kimi models. Its latest, Kimi K3, launched in mid-July with 2.8 trillion parameters, native vision, and a one-million-token context window, and the company says annual recurring revenue has crossed 300 million dollars. The scale here is a reminder that the frontier is not a two-country story between US labs. Moonshot is one of a cluster of well-funded Chinese labs pushing large open and semi-open models, and state-linked capital at this size signals how strategically Beijing views domestic frontier AI. A successful Hong Kong listing would give the company a public-market war chest to keep pace.

## Source

[Read the full story at Unite.AI](https://www.unite.ai/moonshot-ai-blows-past-its-funding-target-ahead-of-a-hong-kong-ipo/)

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