The "unicorn" record in China's large model sector has been broken again. On February 25, 2026, according to a report from Qichacha, Tencent Technology reported that the parent company of Kimi, Beijing Moonshot AI Technology Co., Ltd. (Moonshot AI), recently completed a new round of financing totaling over 700 million USD.

This round of financing was led by internet giants Alibaba and Tencent. After the financing, the valuation of Moonshot AI has soared to between 10 billion and 12 billion USD.

Key Highlights: Model Breakthrough Drives Revenue "Miracle"

Compared to just the financing data, Moonshot AI's recent commercial performance is even more impressive:

K2.5 Revenue Surpasses Expectations: Since the release of the open-source K2.5 model of Kimi, within less than 20 days, its revenue has already exceeded the total of the company's entire year in 2025.

Growth Speed Record: Relying on its differentiated advantage in long-text processing and high user stickiness, Moonshot AI has set a new speed record for the growth of domestic AI unicorns.

Founder's Statement: Funding Exceeds IPO, No Immediate Pressure to List

Facing external attention on the listing process, Moonshot AI's founder Yang Zhilin remains very calm:

Abundant Funds: Yang Zhilin pointed out that the current funding scale of the company has exceeded the fundraising level of most companies' IPOs, so there is no immediate need to go public.

Long-term Vision: He emphasized that the company's current focus is to fully accelerate the development of general artificial intelligence (AGI). The company will consider the listing issue again based on industry rhythm and the need for accelerated R&D in the future.

Industry Observation: Large Models Enter the "Stronger Always Wins" Phase

Qichacha analysis indicates that Alibaba and Tencent's continued investment in Moonshot AI reflects that the giants are locking in their entry tickets to the AGI track by heavily betting on top performers. With the rapid closure of the Kimi ecosystem, Moonshot AI has transformed from an early "technical star" into a "commercial near-giant" with strong fundraising capabilities.