Kimi Starts New Funding Round at $31.5 Billion Pre-Money Valuation, Report Says

Kimi, an AI company under Moonshot AI, has launched a new funding round with a pre-money valuation of $31.5 billion after completing settlement of its previous financing at a $20 billion valuation, according to a report by the Sci-Tech Innovation Board Daily. According to ChainCatcher, people close to Kimi said the company disclosed updated revenue figures during fundraising discussions, with annual recurring revenue exceeding $300 million. The sources said Kimi’s revenue growth in the round was mainly driven by model iterations that increased developer usage and boosted API revenue. API revenue reportedly accounts for more than 70% of Kimi’s total revenue and continues to rise. The sources also said Kimi’s revenue trajectory is showing characteristics similar to Anthropic’s early commercialization stage, including higher developer call volumes, a rising share of API revenue, and growth in overseas paying users, alongside model-driven upward adjustments to its pricing structure.