Moonshot AI’s Kimi recently concluded the final phase of its prior funding round at a valuation of $20 billion and has now embarked on a new funding initiative, with its pre-money valuation escalating to $31.5 billion. Insiders familiar with Kimi revealed that the company shared its revenue figures during the latest funding discussions: as of mid-June, its ARR (Annual Recurring Revenue) has surpassed the $300 million mark. This remarkable growth is largely driven by heightened developer engagement and increased API revenue, spurred by continuous model enhancements. Presently, API revenue constitutes over 70% of Kimi’s total revenue, maintaining a steady upward trajectory. Kimi’s revenue growth trajectory mirrors that of Anthropic during its initial commercialization phase, marked by a surge in developer interactions, a dominant share of API revenue, expansion in overseas paying user base, and price hikes propelled by iterative improvements in model capabilities.