Beijing-based Moonshot AI closed a $3.5 billion funding round at a $35 billion valuation, tripling its worth within six months. The round was led by China’s National Artificial Intelligence Industry Investment Fund, a state-backed vehicle that is also negotiating to lead a fundraising round for rival DeepSeek. The surge followed Moonshot’s July release of its Kimi K3 model, which the company said drove a sixfold jump in daily sales, and Moonshot is reportedly now considering a Hong Kong IPO by late 2026.
