Moonshot AI's Kimi valuation hits $31.5B, new funding round starts

Moonshot AI's Kimi has started a new funding round with a pre-investment valuation of $31.5 billion, after closing its previous round at $20 billion. Sources say Kimi's annual recurring revenue (ARR) hit $300 million by mid-June, driven by model upgrades that boosted developer usage and API revenue.

API revenue now makes up over 70% of total income and is still growing. Kimi's revenue pattern looks similar to Anthropic's early days, with more developers using it, higher API share, and more overseas paying users. Over the past six months, Moonshot AI has raised about $3.9 billion in total.