Moonshot AI closed its round at $35 billion. It's already pitching a separate one at $50 billion.

Moonshot AI closed an oversubscribed Series F: $3.5 billion raised at a $35 billion post-money valuation, well above the $1-2 billion the Beijing-based lab had originally targeted. The lead investor was China's National AI Industry Investment Fund, the same state vehicle that has backed DeepSeek, giving the round a direct government-capital anchor rather than a purely private-market one.

The number the round was priced against is revenue growth, not model buzz alone: Moonshot's annualized recurring revenue went from $100 million in March to $200 million in April to $300 million in June -- a near-tripling in roughly four months -- with API licensing accounting for more than 70% of the total, on the back of the [Kimi K3](#/article/kimi-k3-open-weights-live-download) model's release.

That $35 billion is not the number to watch next. [Moonshot](#/company/moonshot) is separately approaching new investors about a follow-on round at a $50 billion pre-money valuation, aiming to close a final private raise before a Hong Kong IPO it wants to complete as soon as this year. The two figures describe different things: $35 billion is what a completed, oversubscribed round actually priced at; $50 billion is an ask in talks that haven't closed. At $35 billion on $300 million of run-rate revenue, the multiple is already around 117x ARR -- a follow-on priced meaningfully higher would ask investors to extend that multiple further on the strength of continued triple-digit revenue growth, not a number any filing has yet confirmed.