Kimi's valuation has risen to $31.5 billion, with an Annual Recurring Revenue (ARR) exceeding $300 million. The revenue curve now exhibits early characteristics of the Anthropic model.

The dark side of the moon: Kimi's previous round of financing, with a valuation of $20 billion, was recently completed, and a new round of financing has been initiated, with a pre-investment valuation increased to $31.5 billion. According to sources close to Kimi, in this round of financing communication, Kimi disclosed its latest revenue data: In mid-June, ARR exceeded $300 million. The growth in Kimi's revenue in this round is mainly driven by developer usage and API revenue increase brought about by model iteration. Currently, API revenue accounts for over 70% of Kimi's total revenue and continues to rise. Kimi's revenue curve is showing characteristics of the early commercialization stage of Anthropic: a surge in developer calls, an increase in API proportion, growth in overseas paying users, and a shift in pricing system driven by model iteration capability.