About a month ago, Kimi had just completed over $700 million in financing, with a valuation of $10 billion at the time; In a $500 million funding round at the end of last year, its valuation was only $4.3 billion.

In less than three months, with three rounds of financing, Kimi's valuation has quadrupled - not only has it become a "ten cornered beast" at the fastest speed (with a valuation of over 10 billion US dollars), but it has also set a record for the most consecutive financing of large model companies in China, with an amount exceeding the IPO fundraising amount of large model companies during the same period.

Looking at the primary market, such a pace and scale of financing have almost never been seen before.

And what ignited all of this was the "K2.5 moment" brought by Kimi's new model and the explosion of the business side: in just 20 days since the end of January, revenue exceeded the entire year of 2025, attracting global users. Inadvertently, Chinese companies are rewriting the world's AI narrative.

Kimi AI 、 The Dark Side of the Moon

Record breaking financing

The fastest ten horned beast born in China

I still remember on the last day of 2025, the investment industry reported that Kimi had raised $5 billion in Series C financing. At that time, Kimi continued to receive support from old shareholders such as Alibaba, Tencent, and Wang Huiwen, and significantly oversubscribed, with a post investment valuation of $4.3 billion.

Now, the record has been broken - in less than three months, Kimi has set a record for the most consecutive financing of large models in China in recent years. As early as the Spring Festival, the investment industry learned from people close to Kimi that at that time, Kimi had completed over $700 million in financing, with a valuation of $10 billion.

The latest scene is that Kimi is conducting a new round of $1 billion financing, with a pre investment valuation climbing to $18 billion. This valuation has already exceeded the first day market value of a large model company's IPO during the same period. This also means that Kimi's valuation has increased fourfold in just three months.

In the past few years, the Chinese AI storm is still vivid in my memory, especially when DeepSeek rode the dust and many people believed that there were no more opportunities for startups outside of big companies. China's AI dragons are still proving themselves with market performance.

Looking at the primary market, Kimi is surrounded by well-known funds such as Sequoia China, ZhenFund, Monolith Capital, and Today Capital, as well as major companies such as Alibaba, Meituan, Xiaohongshu, and Tencent. From the beginning, this was a phenomenal project where people couldn't fit in without their heads.

As a result, Kimi's valuation also rose in a spiral, becoming the fastest "ten cornered beast" in China - from its establishment to a valuation of over 10 billion US dollars, it only took more than two years. In contrast, it took more than three years for Pinduoduo to complete this transformation, and more than four years for ByteDance.

Unconsciously, Kimi is refreshing the growth rate of Chinese technology companies.