Moonshot AI’s Kimi recently closed its prior $20bn valuation round and has opened a new financing round with a $31.5bn pre-money valuation. In fundraising materials Kimi said mid-June ARR exceeded $300m. Growth is driven by model iterations lifting d

2026-06-30

Moonshot AI’s Kimi recently closed its prior $20bn valuation round and has opened a new financing round with a $31.5bn pre-money valuation. In fundraising materials Kimi said mid-June ARR exceeded $300m. Growth is driven by model iterations lifting developer usage and API sales; API revenue now exceeds 70% of total and is rising. Kimi’s revenue pattern shows early ANTHROPIC-style commercialization: ramping developer calls, higher API share, growth in overseas paying users, and upward pressure on pricing as model capabilities improve.