Moonshot Closes $2 Billion Round as StepFun and DeepSeek Seek Funding
Chinese AI model startup Moonshot AI, also known as Kimi, is closing roughly $2 billion in funding at a $20 billion valuation. In the same week, StepFun was reportedly raising $2.5 billion ahead of a possible Hong Kong IPO, while DeepSeek was in talks at a $45 billion to $50 billion valuation with China's state-backed semiconductor investment fund as a potential lead.
The deals reflect different investor theses across China's AI sector. Moonshot's funding follows an April revenue run rate that passed $200 million, StepFun's reported investor lineup points to distributing models through phones, cars and other hardware endpoints, and DeepSeek is being treated as an infrastructure play linked to chip workloads.
From the sources (4 posts)
@teortaxestexWas obvious had he wanted to sell out, he'd have done it in Feb 2025, after meeting with Xi, as the indisputable National Champion, the only one with a product close to OpenAI and tremendously viral. But he's a long-termist, not a sellout.
@teortaxestextop 10 global might be far away, but if the rumors materialize, Wenfeng will jump to the top 10 richest Chinese. 78% of DeepSeek at 51,5B + 55% of H-F (eyeballing, $4B) = $44B; that's ahead of Lei Jun. I don't view him as a billionaire. But
@poezhao0605Three major China AI financing stories surfaced in the same week. Moonshot closed roughly $2 billion at a $20 billion valuation. StepFun is reportedly raising $2.5 billion ahead of a possible Hong Kong IPO. DeepSeek is in talks at a $45 to
@forbes_mena_Kimi, the Chinese AI model startup also known as Moonshot AI, is closing a $2 billion funding round at a valuation of $20 billion, amid its rapid technological advances. #Forbes For more details: 🔗