月之暗面于2026年7月17日正式发布Kimi K3大模型，总参数达2.8万亿，激活参数约1040亿，成为全球首个开源3T级模型 [1]。K3发布后立即引起业界关注，上线仅30分钟就收获超4000赞，发布前已有近3700名开发者排队下载 [1]。K3上线72小时内，海外AI板块蒸发约3.2万亿美元，17家投行连夜下调算力企业估值 [1]。7月27日，月之暗面正式开源K3的完整模型权重及技术报告 [1]。
在商业化方面，Kimi实现了显著增长。截至6月中旬，公司年度经常性收入（ARR）突破3亿美元，相比3月时的1亿美元实现快速增长 [1]。其中API收入增长400%，已占整体收入的七成以上 [1]。海外市场拓展成效明显，海外付费用户增长400%，产品已进入180多个国家和地区 [1]。融资方面，月之暗面6月底完成200亿美元估值融资，F轮融资已超35亿美元，投后估值达350亿美元 [1]。
Moonshot AI unveiled Kimi K3, a 28-trillion-parameter model and the world's first open-source offering at this scale, on July 17, 2026, triggering significant market turbulence [1]. The model features approximately 104 billion activated parameters and generated immediate developer interest, with nearly 3,700 developers queuing to download it before launch [1]. Within 30 minutes of release, the model garnered over 4,000 positive ratings [1].
The market reaction proved dramatic, as overseas AI stocks shed approximately 3.2 trillion dollars in value within 72 hours of the K3 launch [1]. The shock prompted 17 investment banks to downgrade valuations for semiconductor and computing infrastructure companies overnight [1]. On July 27, 2026, Moonshot AI formally open-sourced the complete model weights and technical documentation [1].
The commercial trajectory has accelerated significantly in recent months. Kimi's annual recurring revenue (ARR) surpassed 300 million dollars as of mid-June 2026, representing rapid growth from 100 million dollars in March [1]. API revenue expanded by 400 percent and now comprises over 70 percent of total company revenue [1]. Internationally, paid users grew by 400 percent, with the product now available in over 180 countries and regions [1]. In late June, the company completed a financing round at a 20 billion dollar valuation, bringing total Series F funding to over 3.5 billion dollars with a post-investment valuation of 350 billion dollars [1].