Kimi chatbot

Moonshot AI, an Alibaba-backed startup, is reportedly nearing a funding round that values it at $4.8 billion, up from $4.3 billion just weeks prior. This surge reflects strong investor interest in Chinese AI ventures like its Kimi chatbot, which has seen rapid adoption. The market vacuum left by unavailable U.S. AI platforms, coupled with Beijing’s regulations and U.S. tech restrictions, has fueled growth for local companies. Competitors Zhipu and MiniMax have already achieved significant market caps post-IPO, further boosting confidence in emerging players like Moonshot AI.