Kuaishou Technology, the Chinese short-video platform that trades on the Hong Kong Stock Exchange under the ticker 1024, is pulling one of the more ambitious moves in the AI funding landscape this year. The company is filing for a $3 billion funding round for its AI video-generation subsidiary, Kling AI, in Hong Kong, with plans to take the unit public within the next 12 months.
The round values Kling AI at $18 billion post-money. General Atlantic is leading the charge, with Tencent also participating.
The valuation haircut nobody’s talking about
That $18 billion number actually represents a downward revision. Back in April, Kuaishou was shopping Kling AI at a $20 billion valuation. A $2 billion trim might sound like a rounding error at this scale, but it’s a 10% markdown that reflects shifting market dynamics in how investors are pricing generative AI companies.
What Kling AI actually does
