Chinese AI developer Moonshot AI closes $3.5 billion round at a $35 billion valuation
- Raised
- $3.5B
- Valuation · +250% vs Funding round
- $35B
- Lead investor
- National AI Industry Investment Fund
- Place in VP50
- #20
What happened
Moonshot AI, the Chinese developer of the Kimi models, closed a $3.5 billion round at a $35 billion valuation, Dealroom News and Bloomberg reported on 29 July 2026. Bloomberg's headline said the company surpassed its funding goal. Dealroom, citing people familiar with the matter, said the raise was well above the $1 billion to $2 billion initially sought. It named the National Artificial Intelligence Industry Investment Fund, a state vehicle that also backs DeepSeek, as among the lead investors and listed existing backers Meituan, Tencent, IDG Capital and China Mobile.
Dealroom said a Meituan-led round in May 2026 valued Moonshot above $20 billion. It also said Moonshot was already seeking a new round at a $50 billion pre-money valuation, planned as a final raise before a Hong Kong initial public offering, possibly this year. Dealroom reported annual recurring revenue of $300 million in June, up from $200 million in April. The funding details came from unnamed sources, and Dealroom carried no statement from Moonshot on the round.
Key points
- Moonshot AI closed a round that surpassed its funding goal and valued the company at $35 billion.12
- The round raised $3.5 billion, well above the $1 billion to $2 billion initially sought, per Dealroom's unnamed sources.2
- The state-backed National Artificial Intelligence Industry Investment Fund was among the leads; Meituan, Tencent, IDG Capital and China Mobile were existing backers.2
- Dealroom said Moonshot was seeking a new round at a $50 billion pre-money valuation before a Hong Kong IPO.2
- A Meituan-led round in May 2026 valued the company above $20 billion.2
Why it matters
The $35 billion valuation compares with a May 2026 round that Dealroom says valued Moonshot above $20 billion. It gives holders a new priced reference point.
A state investment fund was among the leads, and Meituan, Tencent and China Mobile were existing holders. The sources give no allocation or terms by investor.
Dealroom reported that Moonshot was already seeking a new round at a $50 billion pre-money valuation, as a final raise before a Hong Kong IPO possibly this year. That is reported talk, not a completed round.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Angel round | Jun 13, 2023 | $300M | $200M | Unknown |
| Series A+ | Feb 20, 2024 | $2.5B | $1.0B | Alibaba |
| Series B | Aug 5, 2024 | $3.3B | $300M | Unknown |
| Series C | Dec 2025 | $4.3B | $500M | IDG Capital |
| Funding round | Feb 2026 | $10B | $700M | 九安医疗 (Jiuan Medical) and 五源资本 (5Y Capital) |
| Series F | Jul 29, 2026 | $35B | $3.5B | National AI Industry Investment Fund |
Updated
Fact-check
- Moonshot AI raised $3.5 billion, against an initial target of $1 billion to $2 billion.Confirmed by [2] Dealroom News: $3.5 billion raised, well above the $1 billion to $2 billion initially sought, per people familiar with the matter. [1] Bloomberg's headline says the funding goal was surpassed (page blocked for the checker).Verified
- The round valued Moonshot AI at $35 billion and was reported on 29 July 2026.Confirmed by [2] Dealroom News, dated 29 July 2026: $3.5 billion at a $35 billion valuation in a just-closed round. [1] Bloomberg's headline gives the same $35 billion value.Verified
- The National Artificial Intelligence Industry Investment Fund was among the lead investors, with Meituan, Tencent, IDG Capital and China Mobile as existing backers.Confirmed by [2] Dealroom News: the state fund, which also backs DeepSeek, was among the lead investors; the four named firms are existing backers.Verified
- A Meituan-led round in May 2026 valued Moonshot above $20 billion.Confirmed by [2] Dealroom News: the May 2026 Meituan-led round valued the company above $20 billion.Verified
- Moonshot was seeking a new round at a $50 billion pre-money valuation before a Hong Kong IPO, possibly this year.Confirmed by [2] Dealroom News: a new round at a $50 billion pre-money valuation, a final raise before a Hong Kong IPO, possibly this year.Verified
- Moonshot's annual recurring revenue reached $300 million in June, up from $200 million in April.Confirmed by [2] Dealroom News: $300 million in June, up from $200 million in April.Verified
Sources
- [1]Bloomberg (opens in a new tab)Moonshot AI Surpasses Funding Goal to Hit $35 Billion ValueMoonshot AI Surpasses Funding Goal to Hit $35 Billion Value
- [2]Dealroom News (opens in a new tab)Moonshot AI hits $35B valuation on $3.5B raise, eyes $50B ahead of IPOjust-closed round
