Moonshot AI raises $2 billion, valuation exceeds $20 billion

Moonshot AI raised about $2 billion in its latest funding round, led by Meituan's venture arm, lifting the company's valuation to more than $20 billion.

The company's annual recurring revenue topped $200 million in April, supported by subscriptions to its Kimi chatbot and AI model services offered to enterprise clients.

Moonshot has more than quadrupled its valuation in just a few months: it raised $500 million at a $4.3 billion valuation toward the end of last year, followed by $700 million at a $10 billion valuation earlier this year.