China’s AI sector just got another reminder of how much money is chasing the next big thing. Moonshot AI, the Beijing-based startup behind the Kimi chatbot series, has raised approximately $3.5B in its most recent financing round, cementing its place among the best-funded AI companies to emerge from China in recent years.
The company’s largest single raise was a roughly $2B Series D completed in May 2026, led by Meituan’s venture capital arm. That round valued Moonshot at $20B post-money, a number that would have seemed absurd not long ago for a company founded in 2023.
From $300M to $20B in three years
Moonshot launched with an initial valuation of around $300M. By February 2024, that figure had already climbed to $2.5B. By May 2026, it hit $20B.
The investor roster includes Alibaba and Tencent, alongside HongShan, IDG Capital, and Gaorong Capital.
