China’s Moonshot AI raises $2B at $20B valuation as demand for open-source AI skyrockets

Chinese AI companies may not be swimming in as much cash as their Western rivals, but their open-source models are still facing no shortage of interest from those who don’t mind a performance hit in exchange for cheap inference. And investors are taking notice.

Moonshot AI, the Beijing-based AI lab developing the popular Kimi series of open-weight large language models, has raised about $2 billion at a valuation of $20 billion, according to a post by Huafeng Capital, which advised some investors who participated in the round.