- Moonshot's API tokens per minute (TPM) supply quota quickly tightened following the launch of its Kimi K2.5 model.
- Some enterprise clients have even offered tens of millions of dollars in spending commitments and prepaid guarantees to secure priority computing resources.
Chinese AI (artificial intelligence) startup Moonshot, the maker of Kimi, saw its annual recurring revenue (ARR) surge following the roll-out of its latest model.
In early March, a month after the release of the Kimi K2.5 model, Moonshot's ARR surpassed $100 million, local media outlet Jiemian reported Monday, citing people familiar with the matter.
The supply quota for the company's application programming interface tokens per minute (TPM) quickly tightened after the K2.5 model went online, according to the report.
Some enterprise clients have even made spending commitments and prepaid guarantees in the tens of millions of dollars to secure priority access to computing resources, Jiemian said.
The revenue surge accompanied a rise in the company's valuation. After completing a $500 million Series C funding round in late 2025, news emerged in mid-February this year that a new funding round of over $700 million was nearing a close.
The company's latest valuation has climbed to $18 billion, quadrupling in three months, as it is currently raising a $1 billion funding round, according to a Bloomberg report earlier this month.
These financial moves highlight the growing interest of global investors in Chinese AI companies.
The developments come amid a challenging environment for model-layer startups, as tech giants including ByteDance, Alibaba, and Tencent have joined the AI battle with new products.
For Moonshot, close rivals Zhipu and MiniMax both listed in Hong Kong in January, achieving high valuations.
Meanwhile, the open-source agent OpenClaw has sparked a wave of domestic adoption, benefiting the Kimi model API, which offers both performance and price advantages.
