Moonshot AI, the Beijing start-up behind the Kimi chatbot, is reportedly looking to raise between $1 billion and $2 billion in a new financing round that could value the company at as much as $30 billion.
If completed, the deal would mark a sharp increase in the company’s worth and add another sign of strong investor interest in China’s artificial intelligence sector. The reported target valuation is about 50% higher than the $20 billion Moonshot reached in its previous funding round, which closed in May, according to a person familiar with the matter.
The latest fundraising attempt was first reported by Bloomberg. Moonshot did not immediately respond to a request for comment.
Moonshot has become one of the most closely watched AI start-ups in China thanks to Kimi, its popular chatbot product. The company’s valuation has climbed rapidly over the past year as investors have poured money into domestic AI developers.
A $30 billion price tag would also represent a dramatic jump from Moonshot’s valuation at the end of last year, when it was worth less than one-sixth of that amount. The increase reflects how quickly sentiment has shifted around leading Chinese AI companies as they race to build larger models, attract users and secure capital.
The company’s previous financing round was advised by HF Capital. In a now-deleted WeChat post, the adviser disclosed the valuation and transaction details of that round.
Moonshot’s rise comes as competition among China’s top AI developers continues to intensify. Other names in the sector, including Zhipu AI and MiniMax, have also seen valuations rise amid investor enthusiasm for the field.
The broader market backdrop has helped fuel demand for prominent local AI companies. Chinese start-ups are facing pressure to move quickly as the country’s leading technology firms and newer entrants all push to develop more capable models and consumer-facing products.
Several peers have already tapped public markets in Hong Kong, where investor demand for AI-related listings has been strong. That momentum has added to the sense that Chinese AI companies with recognizable products and sizable user bases may continue to attract capital at elevated valuations.
Moonshot’s reported fundraising goal, if achieved, would place it among China’s most valuable private AI start-ups. It would also underscore how much investor confidence remains tied to the country’s ability to produce homegrown AI champions with global ambitions.
For now, the company has not publicly confirmed the terms of any new round. But the reported size of the deal suggests that appetite for leading AI assets in China remains robust, even as competition for talent, users and technical breakthroughs continues to grow.