May 6th news, according to LatePost, the large model company Moonshot (Kimi) is about to complete a new round of financing of about $2 billion, with a post-investment valuation exceeding $20 billion. The round was led by Meituan Longzhu, with participation from China Mobile, CPE Yu Feng and other institutions, among which Longzhu invested more than $200 million.

This financing continues Kimi's frequent fundraising pace since the beginning of the year. In January and February 2026, the company completed three consecutive rounds of financing, with amounts of $500 million, $700 million, and $700 million respectively. Adding this transaction, within less than six months, its total financing has exceeded $3.9 billion, and the latest valuation has increased by more than four times compared to the $4.3 billion level in November 2025.

kimi

From the overall financing structure, Kimi's cumulative financing has exceeded 37.6 billion yuan, making it one of the largest funded players in the current large model startup companies. The rapid expansion of capital investment is mainly used to support model development, computing power expansion, and product iteration, forming a scale advantage against the backdrop of intensified generative AI competition.

In the industry, this financing progress further confirms the continued trend of capital increasing investment in basic model companies. Leading projects rapidly widen the resource and technology gap through frequent large-scale financing, driving the large model sector to evolve towards capital-intensive and top-heavy concentration.