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

Moonshot AI reportedly raised about $2 billion in a round led by Meituan’s VC arm, valuing the Beijing AI lab at $20 billion.

The jump reflects strong revenue growth and the popularity of its Kimi models, especially Kimi K2.5 and K2.6.

Investor appetite for Chinese open-weight AI startups remains strong despite a weaker funding backdrop than in the U.S.

The deal underscores intensifying competition among major AI labs in China and beyond.