Kuaishou Completes Up to $3 Billion Kling AI Funding at $15 Billion Pre-Money Valuation

Kuaishou said in a Hong Kong stock exchange filing on July 2 that it has completed an independent financing round for its video-generation model Kling AI (Keling), according to Jiemian News. The deal values Kling AI at a $15 billion pre-money valuation and could raise up to $3 billion, implying a post-money valuation of about $18 billion; Kuaishou will retain a 68.33% controlling stake. The investor group includes Tencent, Alibaba and Baidu, as well as multiple national-level funds, local state-owned capital, U.S. dollar funds and industry investors. Kling AI disclosed that its annual recurring revenue (ARR) reached about $500 million as of March 2026. The filing also said investors have a buyback right if an IPO fails by 2031, and set compliance requirements including algorithm filing, telecom licensing and overseas entity acquisitions. If key conditions are not met, investors can demand repurchase at principal plus 8% simple interest. Kling AI reported a net loss of 500 million yuan in 2024 and 1.9 billion yuan in 2025.