Less than a month after the launch of Kimi’s K2.5 large-scale model, its cumulative revenue for the past 20 days has already surpassed its total revenue for all of 2025. This remarkable growth is primarily attributed to a substantial surge in the number of global paying users and API calls, with particularly rapid expansion among overseas paying users. Data from OpenRouter reveals that Kimi K2.5 continues to dominate in terms of call volume. After securing successive rounds of financing exceeding $1.2 billion, Kimi’s latest valuation has soared to between $10 billion and $12 billion, setting a new benchmark as the fastest-ever domestic company to ascend from inception to decacorn status (valued at over $10 billion). In a company-wide letter, Kimi founder Yang Zhilin noted that this financing round surpasses the amounts raised in most IPOs and private placements by listed companies, and that the company retains the capacity to secure additional funds from the primary market.