The Beijing-based startup managed to secure far more than the $1 billion to $2 billion it initially targeted, people familiar with the matter said. The National Artificial Intelligence Industry Investment Fund — the state vehicle that’s also a backer of DeepSeek’s — was among the lead investors in the round, people in the know said.

It is now reaching out to potential backers for a new funding round at a US$50 billion pre-money valuation. Read more at straitstimes.com. Read more at straitstimes.com.

Moonshot AI raised $3.5B in its latest funding round at a $20B valuation, as the Kimi chatbot maker eyes a $30B target and potential Hong Kong