Moonshot AI has a problem most startups would kill for: too many people want to use its product. The Beijing-based company paused new consumer subscriptions for its Kimi K3 model over the weekend of July 19-20, just days after launch, citing demand that far outstripped its available compute infrastructure.
The timing is no coincidence. Moonshot is simultaneously preparing for what could be one of the biggest AI IPOs this year, a Hong Kong listing targeting a valuation north of $30 billion.
The Kimi K3 effect
Kimi K3 launched on July 16-17 and immediately started bending the demand curve. Daily sales reportedly jumped at least sixfold following its debut, pushing Moonshot’s annual recurring revenue to $300 million.
The model itself is a heavyweight. At 2.8 trillion parameters, Kimi K3 is built with an open-weight architecture, meaning researchers and developers can inspect and modify the model’s internals.
