大模型初创企业月之暗面于2026年7月发布开源模型Kimi K3，参数量达2.8万亿，在Artificial Analysis智能指数综合评分中获得57分，全球排名第三[1]。该公司同步加快融资节奏，估值在短短半年内实现飞速增长——从2025年底的43亿美元快速攀升至最新融资轮的315亿美元投前估值[1]。
月之暗面计划在8月启动Pre-IPO融资轮，目标估值高达500亿美元[1]。公司预计最快在6个月内，即2026年底至2027年初，按港交所第18C章规则在香港主板上市[1]。截至2026年上半年，月之暗面的商业表现实现高速增长：B端年度经常性收入在3月突破1亿美元，到6月中旬达到约3亿美元，其中B端API调用收入占比超70%[1]。Kimi K3的API定价采用混合模式，约为每百万Token 2.3美元[1]。此外，Kimi客户端截至2026年一季度月活用户约833.8万，在国内AI原生应用中排名第九[1]。
Moonshot AI, a large language model startup, unveiled Kimi K3, its open-source model with 28 trillion parameters, in July 2026.[1] The model achieved a composite score of 57 points on Artificial Analysis' intelligence index, ranking third globally.[1]
The company has accelerated its fundraising trajectory dramatically, with its valuation climbing from $4.3 billion at the end of 2025 to a pre-money valuation of $31.5 billion in its latest financing round.[1] Moonshot AI has accumulated over $390 million in funding within 2026 alone.[1] The startup is now targeting a pre-money valuation of $50 billion for its upcoming Pre-IPO round in August, and plans to list on Hong Kong's main board under Chapter 18C rules, potentially as soon as late 2026 or early 2027.[1] As of Q1 2026, Kimi's client reached approximately 8.34 million monthly active users, ranking ninth among AI-native applications domestically.[1]
Moonshot AI's business model is increasingly revenue-driven. Its B-end annual recurring revenue surpassed $100 million in March 2026 and reached approximately $300 million by mid-June, with B-end API call revenue accounting for over 70 percent of total revenue.[1] The company prices Kimi K3's API at approximately $2.3 per million tokens on a hybrid basis, with input priced at $3 and output at $15 per million tokens.[1] However, the company faces headwinds in the public markets, as listed peers such as Zhipu and MiniMax have experienced sharp declines following share unlocking, creating pressure for Moonshot AI to navigate a potential secondary market revaluation.[1]