Moonshot AI Raises $2B at $20B Valuation

Beijing-based Moonshot AI has raised $2 billion at a $20 billion valuation, led by Meituan's VC arm Long-Z Investments. The round brings total fundraising to $3.9 billion over six months, up from a $4.3 billion valuation at end of 2025. The company's annual recurring revenue topped $200 million in April. Founded in 2023, Moonshot's Kimi K2.6 model is currently the second-most used LLM on OpenRouter. The raise reflects surging investor appetite for Chinese open-weight AI models, as rivals DeepSeek, Zhipu AI, and MiniMax also attract major capital and market interest.