NVIDIA CorporationMoonshot's K3 model approaches frontier performance, intensifying competition for NVIDIA's GPU customers.

Moonshot AI secured a $35 billion valuation after raising a larger-than-anticipated $3.5 billion in a just-closed financing round, riding momentum from its breakthrough Kimi K3 model. The Beijing-based startup managed to secure far more than the $1 billion to $2 billion it initially targeted, according to people familiar with the matter. Moonshot is now reaching out to potential backers for a new funding round at a $50 billion pre-money valuation, aiming to secure capital a final time before an initial public offering in Hong Kong as soon as this year. The K3 model, which has 2.8 trillion parameters and a 1 million-token context window, approached the performance of frontier models by Anthropic and OpenAI, triggering a selloff in tech stocks and being hailed as another DeepSeek moment. Moonshot achieved $300 million of annual recurring revenue in June, and daily sales have surged at least six times since the K3 launch.
NVIDIA CorporationMoonshot's K3 model approaches frontier performance, intensifying competition for NVIDIA's GPU customers.
Moonshot raised $3.5B at $35B valuation, far exceeding initial target, with plans for IPO.