Dark Side of the Moon Kimi launches Pre-IPO financing with a valuation of US$50 billion. According to "Science and Technology Innovation Board Daily", it was exclusively learned from a front-line person who has been tracking Dark Side of the Moon transactions for a long time that the Dark Side of the Moon Kimi's G round (Pre-IPO) financing has been officially launched, with this round of valuation reaching US$50 billion.

Dark Side of the Moon Kimi launches Pre-IPO financing with a valuation of US$50 billion. According to "Science and Technology Innovation Board Daily", it was exclusively learned from a front-line person who has been tracking Dark Side of the Moon transactions for a long time that the Dark Side of the Moon Kimi's G round (Pre-IPO) financing has been officially launched, with this round of valuation reaching US$50 billion. The person revealed that after the release of the Kimi K3 model, the amount of investment in this round was "suddenly tight". Many institutions are currently completing the registration of investment intentions, and the subsequent delivery rhythm is still being finalized. This round of financing sets clear investment thresholds. Participants need to complete the payment before August 15; if they want to directly enter the company's shareholder list (cap table), the investor needs to be an institution with a management scale of more than US$500 million. According to estimates, if the industry practice is to dilute approximately 10% in a single round, the scale of this round of fundraising will be close to US$6 billion. The pace of financing this time has been significantly accelerated. Just last Sunday, Dark Side of the Moon's round of financing with a valuation of US$31.5 billion had just completed all delivery, with actual funds raised of US$3.5 billion. It only took about three months for Dark Side of the Moon to go from a valuation of US$18 billion to US$50 billion. The core driver of the valuation jump is the launch of the Kimi K3 model. On July 27 this year, Dark Side of the Moon officially open sourced the complete model weights of Kimi K3, becoming the world's first open source large model with a parameter level of 3 trillion. According to data from the third-party platform Artificial Analysis, K3 has a significant cost advantage while maintaining first-tier performance - the cost of a single task in the BrowseComp benchmark is only half that of GPT-5.6 Sol. Regarding the listing process, it was recently reported that Dark Side of the Moon plans to submit an IPO application to the Hong Kong Stock Exchange as early as this month and plans to raise approximately US$3 billion. In this regard, people familiar with the matter told the Science and Technology Innovation Board Daily that "the news is untrue" and confirmed that the company's G-round financing is still in progress. Series G will be the last round of private equity financing before Dark Side of the Moon goes public. After completion, the company is expected to land on the Hong Kong stock market as soon as six months. In terms of fundamental data, the prospectus shows that Dark Side of the Moon’s revenue in 2025 will be 1.699 billion yuan, with a net profit of 278 million yuan. In the first half of 2026, the company expects revenue to be approximately 1.052 billion yuan to 1.128 billion yuan, a year-on-year increase of 35.62% to 45.41%. API revenue has accounted for more than 70% of overall revenue and continues to rise. via cnBeta.COM - Chinese industry information website (author: Source: Phoenix Technology)