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Beijing-based AI unicoth MoonDark (Kimi) is reportedly in talks for a new funding round aiming to raise up to $20 billion (approximately RMB 136 billion), targeting a post-money valuation of $300 billion (approximately RMB 2.035 trillion). If successful, this would mark its third round in six months and a six-fold increase from its $43 billion valuation in December last year. Last month, the company completed a $20 billion funding round led by Meituan Longzhu, reaching a valuation exceeding $200 billion. According to reports, MoonDark has raised over RMB 376 billion across six rounds, making it the most funded large language model startup in China. Founded in 2023 by CEO Yang Zhilin, the company's core product is the Kimi AI Assistant. In April, it launched and open-sourced its flagship model, Kimi K2.6, which has demonstrated performance comparable to top models like GPT-5.4 in certain benchmarks. Recently, it began beta testing for Kimi Work, a local AI agent for knowledge workers. Commercially, the company's Annual Recurring Revenue (ARR) reportedly surpassed $2 billion in April. Regarding its IPO plans, Bloomberg reported in March that MoonDark is preparing for a listing in Hong Kong, though the process remains in early stages. The funding and IPO pace for leading Chinese AI firms has accelerated notably in 2026, mirroring global trends where companies like OpenAI and Anthropic are also setting new fundraising and valuation records. Securing substantial capital is becoming a critical factor in the competitive landscape alongside model capabilities.