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, asking not to be identified to talk about private information. Moonshot is now reaching out to potential backers for a new funding round at a $50 billion pre-money valuation, aiming to secure capital a final time before an initial public offering in Hong Kong as soon as this year. A Moonshot spokesperson didn’t respond to an emailed request for comment. The Chinese startup’s frenetic deal-making underscores the enormous investor interest in a private firm that this month leapt to the forefront of the industry with the K3, which approached the performance of frontier models by Anthropic PBC and OpenAI.

Full report : Moonshot AI hit a $35 billion valuation after closing a $3.5 billion round, exceeding its initial target of $1 billion to $2 billion, and plans a Hong Kong IPO as soon as 2026.