capital · May 16, 2026
Moonshot AI Valuation Hits $20B After $2B Raise on May 7, 2026
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Moonshot AI closed a $2 billion funding round at $20 billion valuation on May 7, 2026. The round was led by Long-Z Investment from Meituan with over $200 million committed, plus Tsinghua Capital, China Mobile, and CPE Yuanfeng. Moonshot AI valuation rose from $4.3 billion at end of 2025 after $500 million Series C to $10 billion after $700 million earlier in 2026. Annual recurring revenue doubled to over $200 million by April 2026. Kimi K2.6 released April 20, 2026, features 1-trillion-parameter Mixture-of-Experts architecture with 32 billion active parameters, 262,000-token context window, and Agent Swarm system supporting up to 4,000 coordinated steps.
Spend governor blocked model creation: provider_circuit_open (lane=dev, provider=together)