月之暗面推出的大模型K3凭借2.8万亿总参数成为全球参数最大的模型1。在多项性能测试中，K3表现突出，在OmniDocBench推理测试中达到91.1分，超过Claude Fable 5的89.8分1；在Arena前端开发榜上以1677分登顶1。在成本效益方面，K3单任务成本约0.94美元，约为Claude Opus的一半1。
技术层面，K3采用MoE稀疏激活架构，稀疏激活率为1.79%（16/896），相比K2整体训练效率提升约2.5倍1。月之暗面的差异化策略体现在定价与全球拓展上：国内API定价为每百万token 2.3美元，显著高于国内竞品1，而在国际市场上则具有价格竞争优势。Kimi产品已进入200多个国家和地区，海外市场付费用户和API收入增长了400%1。
融资方面，月之暗面的估值大幅上升，从2024年12月的43亿美元升至2025年5月的200亿美元，6月新一轮融资投前估值达315亿美元1。月之暗面创始人杨植麟曾为Transformer-XL、XLNet的核心作者1。
Moonshot AI has unveiled K3, a large language model boasting 28 trillion parameters, making it the world's largest model by parameter count 1. The model demonstrates strong performance across multiple benchmarks, achieving 91.1 points on the OmniDocBench reasoning test, surpassing Claude Fable 5's 89.8 score 1, and ranking first on the Arena front-end development leaderboard with a score of 1677 1.
K3's computational efficiency represents a significant advancement in the field. The model employs a mixture-of-experts sparse activation approach with an activation rate of 1.79%, improving overall training efficiency by approximately 2.5 times compared to its predecessor K2 1. Per-task inference costs amount to approximately $0.94, roughly half the $1.80 cost of Claude Opus 1. However, K3's domestic API pricing is set at $2.3 per million tokens, notably higher than competing Chinese models 1.
The launch reflects Moonshot AI's rapid commercial expansion. The company's valuation has surged from $4.3 billion in December 2024 to $20 billion in May 2025, with a pre-money valuation of $31.5 billion for its June 2025 funding round 1. Kimi, the company's consumer-facing product, has expanded to over 200 countries and regions, with paid users and API revenue in overseas markets growing by 400% 1. Moonshot AI's founder Yang Zhilin is a core contributor to the foundational Transformer-XL and XLNet architectures 1.
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