估值破2000亿，曝Kimi再融136亿，赴港IPO提速

marsbitPubblicato 2026-06-08Pubblicato ultima volta 2026-06-08

Introduzione

近日，国内AI大模型独角兽月之暗面（Kimi）正洽谈新一轮高达20亿美元（约136亿元人民币）的融资，目标估值达300亿美元（约2035亿元）。若顺利完成，其估值将较去年12月的43亿美元（约298亿元）上涨约6倍，这也将是该公司近半年来的第三轮融资。月之暗面成立于2023年，核心产品为Kimi智能助手。今年4月，其开源旗舰模型Kimi K2.6在多项基准测试中表现突出，部分维度媲美GPT-5.4等国际顶尖模型。6月，公司还开启了面向知识工作者的本地智能体Kimi Work的内测。商业化方面，公司已形成一定收入规模，据报道年度经常性收入（ARR）在4月已超过2亿美元（约13.6亿元）。同时，公司被曝正在筹备赴港IPO，以激发市场兴趣，但最终是否启动尚未确定。当前，国内外大模型企业融资与上市进程均明显加速。除了月之暗面，国内如智谱、MiniMax已启动港股上市，海外如OpenAI、Anthropic的估值亦屡创新高。资本、算力与商业化能力正成为大模型竞赛中的关键变量。

智东西6月8日消息,据报道,近日,北京AI大模型独角兽月之暗面(Kimi)正在洽淡新一轮融资,最高融资规模可达20亿美元(约合人民币136亿元),目标估值达300亿美元(约合人民币2035亿元)。

若本轮融资按目标完成,月之暗面的估值将较去年12月43亿美元(约合人民币298亿元)估值,上涨约6倍,这也将是月之暗面近6个月内启动的第三轮融资。

就在上个月,月之暗面刚刚完成一轮约20亿美元(约合人民币136亿元)融资,投后估值突破200亿美元(约合人民币1356亿元)。该轮融资由美团龙珠领投,水木资本、中国移动、CPE(中信产业基金)等参投。

据华峰资本此前报道,月之暗面已完成6轮融资,总融资额超376亿元,是国内大模型创业公司中累计融资金额最高的企业。

▲月之暗面自过往融资情况(智东西制图,数据来源:企查查)

月之暗面2023年在北京成立,其创始人兼CEO杨植麟本科毕业于清华大学计算机系,博士毕业于卡内基梅隆大学(CMU),曾就职于谷歌Brain和Meta AI。

月之暗面的核心产品为Kimi智能助手。4月20日,月之暗面发布并开源了旗舰模型Kimi K2.6,在多项全球权威基准测试中,K2.6部分维度表现持平甚至优于GPT-5.4、Claude Opus 4.6和Gemini 3.1 Pro等顶尖闭源模型。

截至今日,OpenRouter的Benchmarks榜单中,Kimi K2.6位列Artificial Analysis Intelligence Index榜单第9名,得分53.9,排在MiniMax-M3之后、Xiaomi MiMo-V2.5-Pro之前。

▲Kimi K2.6位列Artificial Analysis Intelligence Index榜单第9名(图源:OpenRouter)

在产品侧,6月3日,月之暗面开启Kimi Work Beta版内测,定位为面向知识工作者的本地通用Agent。用户可用自然语言描述任务目标,Kimi Work可在本地电脑上拆解任务、调用工具、使用浏览器、创建和整理文件,并交付文档、表格、PPT等工作产物。

商业化方面,月之暗面已开始形成一定收入规模。据华峰资本此前披露,月之暗面年度经常性收入(ARR)在4月已超过2亿美元(约合人民币13.6亿元),付费订阅与API收入加速增长。

上市进展方面,3月26日,据彭博社报道,月之暗面近期正筹备赴港IPO。知情人士称,月之暗面正处于早期阶段,其目的是激发投资者对AI的兴趣。另一位知情人士透露,月之暗面的相关筹备工作仍在进行中,最终未必会启动IPO上市。

整体来看,进入2026年以来,国内大模型头部企业的资本化进程明显提速。一方面,月之暗面、阶跃星辰等公司密集完成大额融资,DeepSeek上周也被曝即将完成成立以来首轮对外融资;另一方面,智谱、MiniMax等公司已率先叩开港股市场大门,并继续推进A股上市相关工作。

放眼全球,OpenAI、Anthropic等海外头部AI公司也在筹备上市,不断刷新融资和估值纪录,OpenAI今年3月完成1220亿美元(约合人民币8272亿元)融资,投后估值达到8520亿美元(约合人民币5.78万亿元);6月1日,Anthropic宣布完成650亿美元(约合人民币4407亿元)H轮融资,投后估值达9650亿美元(约合人民币6.53万亿元),次日秘密递交招股书。

在这一背景下,国产大模型企业的融资和IPO节奏明显加快,资本、算力和商业化能力正成为模型竞争之外的关键变量。对于仍处于高投入周期的大模型公司而言,大额融资和IPO不仅是补充弹药的方式,也将成为下一阶段争夺头部座次的重要筹码。

本文来自微信公众号 “智东西”(ID:zhidxcom),作者:杨京丽

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Domande pertinenti

Q月之暗面(Kimi)正在进行的新一轮融资目标规模及估值是多少？

A月之暗面正在洽谈新一轮融资，最高融资规模可达20亿美元（约136亿元人民币），目标估值达300亿美元（约2035亿元人民币）。

Q月之暗面自成立以来共完成多少轮融资，总融资额是多少？

A根据报道，月之暗面已完成6轮融资，总融资额超过376亿元人民币，是国内大模型创业公司中累计融资金额最高的企业。

Q月之暗面的核心产品是什么？其在OpenRouter榜单上的表现如何？

A月之暗面的核心产品是Kimi智能助手。其旗舰模型Kimi K2.6在OpenRouter的Artificial Analysis Intelligence Index榜单中位列第9名，得分为53.9。

Q月之暗面在商业化方面取得了怎样的进展？

A据披露，截至2026年4月，月之暗面的年度经常性收入已超过2亿美元（约13.6亿元人民币），付费订阅与API收入正在加速增长。

Q关于月之暗面的上市进展，目前有哪些消息？

A据报道，月之暗面近期正筹备赴港IPO，相关筹备工作仍在进行中，但最终是否启动上市仍未确定。此举目的包括激发投资者对AI的兴趣。

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