Kimi's Parent Company, Moon's Dark Side, Launches Hong Kong IPO, Aiming to Raise $50 Billion Valuation

Kimi's parent company, Moon's Dark Side, has submitted an A1 application to the Hong Kong Stock Exchange, officially starting the IPO process. The company is advancing a new round of financing with a pre-IPO valuation of approximately $50 billion, expected to be the last round before the IPO. This year, Kimi has accelerated its model iterations, releasing K2.5, K2.6, and K3, with an update frequency of about every three months. In terms of revenue, Kimi's annual recurring revenue (ARR) surpassed $100 million in early March this year, increasing to about $300 million by mid-June; after the release of K3, the ARR for enterprise clients saw several times growth. With the increase in usage and computing power demand, Moon's Dark Side has raised its valuation from approximately $4.3 billion at the end of 2025 to the current approximately $50 billion through multiple rounds of financing.

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