Bloomberg reported on July 29 that Beijing-based Moonshot AI closed a $3.5 billion funding round at a $35 billion valuation, well above its original $1-2 billion target, with China's National AI Industry Investment Fund among the lead investors. The round follows strong reception for Moonshot's open-weight Kimi K3 model, and the company is already seeking a follow-on round at a $50 billion pre-money valuation ahead of a possible Hong Kong IPO.
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