Moonshot AI
ConvictionContext
Freemium consumer chatbot (Kimi) + paid subscriptions + usage-based model API (platform.moonshot.ai) + open-weight model distribution (HuggingFace / OpenRouter) driving API pull-through; venture-funded, pre-revenue-scale, not yet profitable
Revenue
ARR ~$300Mself-reported, mid-June 2026; API reportedly >70% of it), up from ~$200M ARR in April and ~$100M in March 2026; no audited annual revenue disclosedRev growth
Self-reported ARR roughly tripled across H1 2026~$100M Mar -> ~$300M mid-June); K2-family's first-weeks revenue reportedly exceeded all of FY2025Gross margin
not disclosedOp margin
not disclosedunderstood to be deeply loss-making -- frontier training + inference burn typical of the peer setCapex intensity
not disclosedGPU/accelerator compute is the dominant cost; constrained by US export controls, pushing toward domestic Huawei Ascend + restricted NVIDIA partsValuation
~$20Bprivate, post-money; Meituan-led ~$2B round closed May 2026). Follow-on ~$2B raise at ~$30B target in talks June 2026, not closed.Valuation trail
~$10B post-money (~$700M raise)2.3× since 2025
3 marks · 2025–2026
private — no public price
Priced round
Three closed priced rounds; ~$3.9B raised over the six months to May 2026. A further ~$2B raise at a ~$30B target was in talks as of June 2026 and NOT closed as of vintage, so it is excluded from the trail. Multiples struck on unaudited, self-reported ARR.
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Moonshot AI
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence