Kimi has closed a Series F round of over $3.5 billion, pushing its post-money valuation to $35 billion. The round was originally capped at $2 billion with a $30 billion valuation, but demand blew past targets. The company has already kicked off a pre-IPO round at a $50 billion pre-money valuation.
Just six months ago, in late December, Kimi raised $500 million at a $4.3 billion valuation. If the pre-IPO closes as planned, the company will be valued at 11.6 times that figure in under a year.
The valuation acceleration kicked into high gear after the release of K2.5 in late January. That model launch was followed by a $700 million Series D at a $10 billion valuation. K2.6 arrived in April, and a $2 billion Series E lifted the valuation past $20 billion. K2.7 Code dropped on June 12, and that same month the Series F began. Then K3 launched on July 16, and the Series F oversubscribed, landing at $3.5 billion and a $35 billion valuation.
Since K2.5, Kimi has essentially launched funding rounds on the heels of each model release. Every model upgrade became a pricing event for investors.