LatePost has learned exclusively that Kimi — the AI assistant from Moonshot AI — is about to close a new $2 billion funding round, pushing its post-money valuation to over $20 billion. The round is led by Meituan Dragon Ball, the venture arm of the Chinese delivery giant, with a single check over $200 million. China Mobile and CITIC Private Equity (CPE) also participated.
Kimi had already completed three funding rounds between January and February this year ($500 million, $700 million, and $700 million). Combined with this latest raise, the startup has pulled in over $3.9 billion in less than six months. Its valuation has more than quadrupled from about $4.3 billion last November. Cumulative funding now exceeds 37.6 billion RMB (about $5.2 billion), surpassing rivals MiniMax (roughly 15 billion RMB) and Zhipu (about 13 billion RMB) to become the most well-funded large-model startup in China.
On the revenue side, Meituan Dragon Ball partner Wang Xinyu revealed that after the K2.5 model update, Kimi’s annual recurring revenue (ARR) broke $100 million in early March and grew to over $200 million by April, driven by accelerating paid subscriptions and API calls. On April 20, the company released and open-sourced its latest model, K2.6, which enhances coding capabilities and supports agent clusters of up to 300 sub-agents working together.