Kimi, under The Dark Side of the Moon, has completed its previous financing round at a valuation of $20 billion and has initiated a new round of financing, with its pre-investment valuation rising to $31.5 billion. As of mid-June, Kimi's Annual Recurring Revenue (ARR) has surpassed $300 million. The revenue growth is primarily attributed to the increased usage by developers and API revenue driven by model iterations, with API revenue accounting for over 70% of the total revenue and its proportion continuing to rise. Both overseas paid users and API revenue have achieved a 400% increase. The product has entered more than 200 countries and regions, with multiple industries serving as important sources of enterprise clients. Kimi has raised its input price from 4 RMB per million tokens for the K2 version to 6.5 RMB for the K2.7 Code version, a roughly 60% increase. However, revenue during the same period has tripled, indicating that the price hike has not dampened demand but instead spurred more intensive developer usage. Currently, the market's criteria for evaluating large model companies are evolving, with a growing focus on whether enhanced capabilities can translate into paid capabilities. Kimi's revenue curve now closely resembles that of Anthropic during its early commercialization phase. In mid-June, Space X acquired Cursor, an AI programming tool powered by the Kimi K2.5-based Composer 2 model, for $60 billion. With the rising proportion of API revenue, growth in overseas paid users, and increased developer adoption, Kimi is stepping onto a revenue growth trajectory similar to Anthropic's early days.