Moonshot AI closes $3.5 billion funding round to hit $35 billion valuation

Moonshot AI secured a $35 billion valuation after raising a larger-than-anticipated $3.5 billion in a just-closed round of financing, riding the momentum from a breakthrough Kimi K3 model that sent ripples through Silicon Valley.

The Beijing-based startup managed to secure far more than the $1 billion to $2 billion it initially targeted, people familiar with the matter said. The National Artificial Intelligence Industry Investment Fund — the state vehicle that’s also a backer of DeepSeek’s — was among the lead investors in the round, the people said, asking not to be identified to talk about private information.