Moonshot AI, the Beijing-based company behind the Kimi chatbot, paused new subscriptions to its Kimi K3 model. This followed a demand surge of at least sixfold after the model's launch.
The company's annualized recurring revenue hit $300 million in June 2026, up from $100 million in March. The growth is driven by paid subscriptions and enterprise access.
Kimi K3 is a large model with 2.8 trillion parameters, outperforming competitors on key coding benchmarks.
Moonshot AI is now preparing for an initial public offering in Hong Kong within the next six months. The process requires shareholder approval and restructuring its variable interest entity structure to meet Beijing's compliance rules.
The company's most recent private valuation exceeded $20 billion after a $2 billion funding round in May. The round included Meituan, Alibaba, and Tencent. Future fundraising is reportedly targeting a valuation above $30 billion.