月之暗面完成35亿美元融资，估值冲刺350亿美元

大模型公司月之暗面在最新融资轮中筹集35亿美元，大幅超过原定的10至20亿美元融资目标 123。融资后公司估值达到350亿美元，投前估值为315亿美元 2。这笔融资由国家人工智能产业投资基金领投 2，参与方包括龙珠资本、中国移动、清华资本、中金公司和高盛集团 3。

公司创始人杨植麟现年33岁，毕业于卡内基梅隆大学，曾在Meta和谷歌工作 3。月之暗面近期业绩增长迅速，年化营收从4月的2亿美元增至6月的3亿美元 3，其中API收入占比超过70% 2。7月16日公司发布了Kimi K3大模型，参数规模达2.8万亿，上下文窗口为100万token 12，K3发布后日销售量增加了6倍 2。7月27日，月之暗面开源了K3完整模型权重与技术报告 1。

公司已正式启动VIE及红筹架构拆除工作，计划于7月份完成 2，为上市做准备。月之暗面计划以500亿美元的投前估值启动Pre-IPO融资 123，力争在今年内赴港上市 23。从其C轮融资时的43亿美元估值来看，估值增长已超过10倍 2。本轮融资规模在中国大模型公司单轮融资中排名第二，仅次于DeepSeek今年6月的约510亿元融资 1。

Moonshot AI, a Beijing-based large language model startup, has completed a funding round that raised $3.5 billion, significantly exceeding its initial target of $1 billion to $2 billion 12. The financing round values the company at $35 billion post-money, up from a pre-money valuation of $31.5 billion 2. The oversubscription represented a 75% increase above the company's original fundraising cap 1.

The company plans to launch a Pre-IPO funding round targeting a pre-money valuation of $50 billion and aims to complete the process and list on the Hong Kong Stock Exchange by the end of this year 12. To prepare for the public market transition, Moonshot AI has formally begun dismantling its Variable Interest Entity (VIE) and red-chip structure, with completion targeted for July 2. The funding accelerates the company's expansion at a time when its open-source Kimi K3 model, released on July 16 and featuring 28 trillion parameters with a 1 million token context window 123, has generated significant international attention and disrupted competitive dynamics in Silicon Valley 3.

The funding reflects strong investor confidence in the company's commercial momentum. As of June, Moonshot AI's annualized recurring revenue (ARR) reached over $300 million, with API revenue accounting for more than 70% of total income 2. The latest valuation represents growth of over 10 times from the company's Series C round, when its valuation stood at $4.3 billion 2. In the broader context of China's AI industry, this round ranks as the second-largest single-round financing for a domestic large language model company, surpassed only by DeepSeek's approximately $5.1 billion financing in June this year 1.