tech
May 7, 2026
China's Moonshot AI raises $2B at $20B valuation as demand for open-source AI skyrockets
Moonshot's annualized recurring revenue topped $200 million in April, driven by rapid growth in paid subscriptions and API usage.
TL;DR
- Moonshot AI, a Beijing-based AI lab, raised about $2 billion at a $20 billion valuation.
- The funding round was led by Long-Z Investment, Meituan's VC arm.
- Moonshot AI develops popular open-weight large language models under the Kimi series.
- The company's annual recurring revenue topped $200 million in April, driven by subscriptions and API usage.
- Other Chinese AI labs like DeepSeek and Zhipu AI are also seeing significant investor interest and market activity.
- Moonshot's Kimi models compete with major international AI offerings from OpenAI, Google, and Anthropic.