# Moonshot AI revenue, valuation & funding

Markdown copy of https://realalpha.app/companies/moonshot-ai/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Moonshot AI was valued at about $50 billion in an October 2026 private round, per Bloomberg, and said its annual recurring revenue passed $1 billion in August 2026. It's private and is preparing a Hong Kong IPO as early as the first quarter of 2027, Bloomberg reports.

Checked Nov 7, 2026

## At a glance

- Valuation: about $50B in a private round closed in October 2026, per Bloomberg.
- Revenue: more than $1B in annual recurring revenue in August 2026, as the company said. It targets $2B by the end of 2026.
- Status: private. No stock ticker. Preparing a Hong Kong IPO as early as the first quarter of 2027, per Bloomberg.
- Founded: March 2023 in Beijing, by Yang Zhilin, Zhou Xinyu and Wu Yuxin.
- CEO: Yang Zhilin, a co-founder. Zhang Yutao is CTO.
- Investors: Alibaba, Tencent, IDG Capital, HongShan, ZhenFund, 5Y Capital, Meituan's Long-Z Investments and China's National AI Industry Investment Fund, among others.
- Products: the Kimi models, including Kimi K3 and K3.1 Pro, the Kimi app, Kimi Work, Kimi Code and an API.
- Headquarters: Haidian District, Beijing.

## Is Moonshot AI public? Can you buy its stock?

No. Moonshot AI is a private company. Its shares don't trade on any stock exchange, and it has no ticker symbol.

[Bloomberg reported](https://www.calcalistech.com/ctechnews/article/r1me2gzsze) on October 6, 2026 that Moonshot is preparing an IPO in Hong Kong as early as the first quarter of 2027. The timing isn't final and could be delayed. Moonshot is considering raising as much as $5 billion. Bank of America was added as overall coordinator, alongside China International Capital, Deutsche Bank and Goldman Sachs. Bloomberg said Moonshot had closed a final private funding round at about $50 billion.

Until then, its shares are held by its founders and investors. [Wikipedia](https://en.wikipedia.org/wiki/Moonshot_AI) says Alibaba took a 36% stake in February 2024. This page reports facts and gives no investment advice.

## Valuation, round by round

Its valuation went from $4.3B in December 2025 to about $50B in October 2026, more than ten times in under a year.

- Oct 2026 · about $50B · — · — · [CTech by Calcalist (citing Bloomberg)](https://www.calcalistech.com/ctechnews/article/r1me2gzsze)
- Jul 2026 · $35B · $3.5B · — · [Silicon Republic (citing Bloomberg)](https://www.siliconrepublic.com/business/bloomberg-moonshot-ai-closes-3-5bn-round-at-35bn-valuation)
- May 2026 · $20B · about $2B · — · [TechCrunch](https://techcrunch.com/2026/05/07/chinas-moonshot-ai-raises-2b-at-20b-valuation-as-demand-for-open-source-ai-skyrockets/)
- Jan 2026 · $10B · $700M · — · [Yahoo Finance (TechCrunch)](https://finance.yahoo.com/sectors/technology/articles/china-moonshot-ai-raises-2b-134425941.html)
- Dec 2025 · $4.3B · $500M · IDG Capital · [TechNode](https://technode.com/2025/12/31/idg-leads-500m-series-c-for-moonshot-ai-oversubscribed-by-alibaba-tencent/)

Rounds in 2024 at $2.5B and about $3.3B appear only on data sites and aren't confirmed. The amount raised and the investors in the October 2026 round weren't disclosed.

## Revenue

Reported annual recurring revenue rose from $200 million in April 2026 to more than $1 billion in August, about five times in four months. Moonshot targets $2 billion by the end of 2026, which Sacra calls a forecast.

- Aug 2026 · $1B · Reported · [Tech Wire Asia](https://techwireasia.com/2026/09/moonshot-ai-kimi-k3-revenue/)
- Jun 2026 · $300M · Reported · [CTech by Calcalist (citing Bloomberg)](https://www.calcalistech.com/ctechnews/article/r1me2gzsze)
- Apr 2026 · $200M · Reported · [TechCrunch](https://techcrunch.com/2026/05/07/chinas-moonshot-ai-raises-2b-at-20b-valuation-as-demand-for-open-source-ai-skyrockets/)

A run rate is a month's revenue times twelve. It isn't a year's audited revenue.

## How Moonshot AI makes money

Moonshot sells Kimi to people through subscriptions and to developers and businesses through its API and licenses. After spending about $100M on advertising in 2024, it cut ads and shifted toward selling its models through businesses, [Sacra](https://sacra.com/c/moonshot-ai/) estimates.

Its main costs are training models and the GPU capacity to serve requests, Sacra says.

- **Subscriptions.** As of October 2026, international Kimi plans cost $19 a month for Plus, $39 for Pro, $99 for Max and $199 for Ultra, billed monthly, according to Sacra. · [Sacra](https://sacra.com/c/moonshot-ai/)
- **API.** Kimi K3 lists $3 per million uncached input tokens, $0.30 per million cached input tokens and $15 per million output tokens, per Sacra. · [Sacra](https://sacra.com/c/moonshot-ai/)
- **Licensing.** Under the Kimi K3 license, model-as-a-service companies with more than $20M in combined revenue over 12 months must sign a separate agreement with Moonshot. · [Sacra](https://sacra.com/c/moonshot-ai/)
- **Revenue sharing.** It has revenue-sharing deals with smaller platforms. Sacra estimates, citing a Reuters report from August 2026, that it sought up to 30% of K3-related revenue from Microsoft, Amazon and Google. · [Sacra](https://sacra.com/c/moonshot-ai/)
- **Enterprise deployment.** Its engineers help organizations such as AsiaInfo Technologies and Kingsoft Cloud deploy its models. · [Sacra](https://sacra.com/c/moonshot-ai/)

## Products

- **Kimi** (October 2023). The first version of its chatbot could process up to 200,000 Chinese characters per conversation. · [Wikipedia](https://en.wikipedia.org/wiki/Moonshot_AI)
- **Kimi K3** (July 16, 2026). A model Moonshot describes as having 2.8T parameters and a new architecture. · [Moonshot AI](https://www.moonshot.ai)
- **Kimi K3.1 Pro** (October 24, 2026). A 3-trillion-parameter-class model with a 1-million-token context window, according to Moonshot's site. · [Moonshot AI](https://www.moonshot.ai)
- **Apps and API.** Kimi comes as a web and mobile app, the Kimi Work desktop application, the Kimi Code coding tool and an API for other software. · [Sacra](https://sacra.com/c/moonshot-ai/)

## Users and usage

[Sacra](https://sacra.com/c/moonshot-ai/) estimates Kimi had drawn more than 20 million monthly active users. It estimates that audience fell 55% to roughly 9 million by the end of 2025.

## Leadership

- **Yang Zhilin,** co-founder and CEO. He did doctoral studies at Carnegie Mellon University. · [Moonshot AI](https://www.moonshot.ai/about)
- **Zhang Yutao,** CTO. · [Reuters (via BigGo Finance)](https://finance.biggo.com/news/63c4db1a-3838-48ae-9493-bb7ef9aafe6a)
- **Zhou Xinyu and Wu Yuxin,** co-founders, according to Wikipedia. · [Wikipedia](https://en.wikipedia.org/wiki/Moonshot_AI)

## Who owns Moonshot AI?

Its founders and investors. Two stakes have been reported. Wikipedia says Alibaba took 36% in February 2024, and Recurrent.ai received 9.5% when Moonshot was founded.

- **Alibaba** acquired a 36% stake in the February 2024 round, according to Wikipedia. · [Wikipedia](https://en.wikipedia.org/wiki/Moonshot_AI)
- **IDG Capital** led the $500 million Series C in December 2025, at a $4.3 billion valuation. · [TechNode](https://technode.com/2025/12/31/idg-leads-500m-series-c-for-moonshot-ai-oversubscribed-by-alibaba-tencent/)
- **Long-Z Investments,** Meituan's venture arm, led the May 2026 round of about $2 billion at a $20 billion valuation. · [TechCrunch](https://techcrunch.com/2026/05/07/chinas-moonshot-ai-raises-2b-at-20b-valuation-as-demand-for-open-source-ai-skyrockets/)
- **China's National AI Industry Investment Fund** was among the leads of the July 2026 round, $3.5bn at a $35bn valuation. · [Silicon Republic (citing Bloomberg)](https://www.siliconrepublic.com/business/bloomberg-moonshot-ai-closes-3-5bn-round-at-35bn-valuation)
- **Tencent, HongShan, ZhenFund and 5Y Capital** are also backers, per TechCrunch. · [TechCrunch](https://techcrunch.com/2026/05/07/chinas-moonshot-ai-raises-2b-at-20b-valuation-as-demand-for-open-source-ai-skyrockets/)
- **Recurrent.ai** received a 9.5% stake at the founding and is in arbitration with Moonshot's leaders. · [BigGo Finance (citing Reuters)](https://finance.biggo.com/news/63c4db1a-3838-48ae-9493-bb7ef9aafe6a)

## Competitors

Sacra says Kimi K3's July benchmark lead was overtaken by newer models from other Chinese labs. Alibaba's Qwen competes with Kimi even though Alibaba backs Moonshot.

- **[DeepSeek](https://realalpha.app/companies/deepseek/),** with newer models that passed K3 on benchmarks, per Sacra. · [Sacra](https://sacra.com/c/moonshot-ai/)
- **[Z.ai](https://realalpha.app/companies/#z-ai),** with newer models that passed K3 on benchmarks, per Sacra. · [Sacra](https://sacra.com/c/moonshot-ai/)
- **Alibaba,** whose Qwen models compete with Kimi, though Alibaba is an investor. · [Sacra](https://sacra.com/c/moonshot-ai/)
- **Xiaomi,** with newer models that passed K3 on benchmarks, per Sacra. · [Sacra](https://sacra.com/c/moonshot-ai/)

## Timeline and latest news

- Oct 24, 2026 · Moonshot listed Kimi K3.1 Pro, with a 1-million-token context window. · [Moonshot AI](https://www.moonshot.ai)
- Oct 12, 2026 · Reuters reported that management was in talks to settle the Recurrent.ai arbitration. · [Reuters (via BigGo Finance)](https://finance.biggo.com/news/63c4db1a-3838-48ae-9493-bb7ef9aafe6a)
- Oct 6, 2026 · Bloomberg reported it closed a private round at about $50 billion. · [CTech by Calcalist (citing Bloomberg)](https://www.calcalistech.com/ctechnews/article/r1me2gzsze)
- Oct 6, 2026 · Bloomberg reported it is preparing a Hong Kong IPO as early as the first quarter of 2027. · [CTech by Calcalist (citing Bloomberg)](https://www.calcalistech.com/ctechnews/article/r1me2gzsze)
- Sep 10, 2026 · Anthropic accused Moonshot of training on Claude's responses. · [Wikipedia](https://en.wikipedia.org/wiki/Moonshot_AI)
- Aug 2026 · Moonshot said its annual recurring revenue passed $1 billion. · [Tech Wire Asia](https://techwireasia.com/2026/09/moonshot-ai-kimi-k3-revenue/)
- Jul 29, 2026 · Raised $3.5bn at a $35bn valuation, per Bloomberg. · [Silicon Republic (citing Bloomberg)](https://www.siliconrepublic.com/business/bloomberg-moonshot-ai-closes-3-5bn-round-at-35bn-valuation)
- Jul 16, 2026 · Released Kimi K3, a 2.8T-parameter model. · [Moonshot AI](https://www.moonshot.ai)
- May 7, 2026 · Raised about $2 billion at a $20 billion valuation, led by Long-Z Investments. · [TechCrunch](https://techcrunch.com/2026/05/07/chinas-moonshot-ai-raises-2b-at-20b-valuation-as-demand-for-open-source-ai-skyrockets/)
- Dec 31, 2025 · Closed a $500 million Series C at $4.3 billion, led by IDG Capital. · [TechNode](https://technode.com/2025/12/31/idg-leads-500m-series-c-for-moonshot-ai-oversubscribed-by-alibaba-tencent/)
- Oct 2023 · Launched the Kimi chatbot. · [Wikipedia](https://en.wikipedia.org/wiki/Moonshot_AI)
- Mar 2023 · Founded in Beijing by Yang Zhilin, Zhou Xinyu and Wu Yuxin. · [Wikipedia](https://en.wikipedia.org/wiki/Moonshot_AI)

## Legal matters

Moonshot faces a shareholder arbitration and accusations from Anthropic. No outcome had been reported for either as of October 2026.

- **Recurrent.ai** (arbitration since 2024, Hong Kong). The shareholder alleges that CEO Yang Zhilin and CTO Zhang Yutao made misrepresentations to its investors. It seeks compensation equal to 10.5% of Moonshot's original shares. In October 2026 management was in talks to settle, per [Reuters](https://finance.biggo.com/news/63c4db1a-3838-48ae-9493-bb7ef9aafe6a). · [Reuters (via BigGo Finance)](https://finance.biggo.com/news/63c4db1a-3838-48ae-9493-bb7ef9aafe6a)
- **[Anthropic](https://realalpha.app/companies/anthropic/)** (September 10, 2026). It accused Moonshot of routing user requests to Claude and training on the responses. Wikipedia says China's Cyberspace Administration opened an investigation into the allegations. · [Wikipedia](https://en.wikipedia.org/wiki/Moonshot_AI)

## What others say about Moonshot AI

- [Kimi’s open weights are closing the frontier gap](https://realalpha.app/s/kimis-open-weights-are-closing-the-frontier-gap/) · Alexander Wissner-Gross · Moonshots · Oct 28, 2026
  > “Moonshot AI. No relation to this podcast, but it is a great name. So Kimmy K3.1 Pro is a giant”

## Questions people ask

### Is Moonshot AI a public company? Can I buy Moonshot AI stock?

No. Moonshot AI is private and has no ticker, so its shares aren't sold on any exchange. Bloomberg reports it is preparing a Hong Kong IPO.

### When will Moonshot AI IPO?

[Bloomberg](https://www.calcalistech.com/ctechnews/article/r1me2gzsze) reported in October 2026 that it is preparing a Hong Kong IPO as early as the first quarter of 2027, raising as much as $5 billion. The timing isn't final.

### Who owns Moonshot AI?

Its founders and investors. [Wikipedia](https://en.wikipedia.org/wiki/Moonshot_AI) says Alibaba took a 36% stake in February 2024. Tencent, IDG Capital, HongShan, ZhenFund and 5Y Capital are also backers.

### Who is the CEO of Moonshot AI?

Yang Zhilin, who co-founded it in 2023. Zhang Yutao is CTO.

### Who founded Moonshot AI?

Yang Zhilin, Zhou Xinyu and Wu Yuxin, in Beijing in March 2023.

### How much is Moonshot AI worth?

About $50 billion, after a private round [Bloomberg](https://www.calcalistech.com/ctechnews/article/r1me2gzsze) reported closed in October 2026.

### How much revenue does Moonshot AI make?

Moonshot said its annual recurring revenue passed $1 billion in August 2026, per [Tech Wire Asia](https://techwireasia.com/2026/09/moonshot-ai-kimi-k3-revenue/). It targets $2 billion by the end of 2026.

### How does Moonshot AI make money?

Kimi subscriptions, $19 to $199 a month internationally per [Sacra](https://sacra.com/c/moonshot-ai/), plus API fees, license agreements with larger hosting companies and revenue-sharing deals.

### Where is Moonshot AI headquartered?

Beijing. Its About page gives 76 Zhichun Road, Haidian District, in the JD Technology Building.

### Who are Moonshot AI's competitors?

Sacra names newer models from Xiaomi, Alibaba, DeepSeek and Z.ai that overtook Kimi K3's July benchmark lead. Alibaba's Qwen competes with Kimi.

## How this page is sourced

Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it.