The Dark Side of the Moon re-finances within a month, with a pre-investment valuation surpassing $4.8 billion

The Dark Side of the Moon (Kimi) is accelerating its fundraising pace significantly. According to the latest news, this AI dialogue product company is finalizing a new round of financing, with a pre-money valuation reaching $4.8 billion, and the funding is expected to be completed soon. This is only about a month after its previous $500 million Series C funding, reflecting ongoing strong investor confidence in this sector.

Valuation Growth Behind Accelerated Funding

Continuous fundraising in the short term, with steadily rising valuations

The fundraising pace of The Dark Side of the Moon is noteworthy. Based on the latest information, the key data for the two rounds are as follows:

From a post-money valuation of $4.3 billion to a pre-money valuation of $4.8 billion, an increase of $500 million within just one month. This growth rate indicates two points: first, after the last round of funding, market recognition of The Dark Side of the Moon’s value has rapidly increased; second, new investors have higher valuation expectations for this company.

Why did the funding come so quickly?

Generally, after a company completes a round of financing, it takes some time to execute its plans, optimize products, and demonstrate performance before launching the next round. The fact that The Dark Side of the Moon initiated new funding within a month could be due to:

• Oversubscription in the previous round (news mentions Alibaba, Tencent, and other existing shareholders oversubscribed), indicating strong market demand
• New investors actively approaching the company, not just passive fundraising
• The company may need more capital to accelerate product iteration and market expansion
• Intense competition in the AI dialogue track, where rapid fundraising itself is a form of competitive advantage

Industry Background: Overall Rise in Chinese AI Company Valuations

The accelerated fundraising of The Dark Side of the Moon is not an isolated phenomenon. According to the Hurun Research Institute’s 2025 Top 50 Chinese AI Companies list, the valuation of the entire industry is rising rapidly.

• The threshold for inclusion is valued at 9.5 billion yuan, up 3.5 billion yuan from last year
• The top ten threshold reaches 73 billion yuan, more than tripling
• The average valuation of listed companies is 54 billion yuan

This context indicates that investor expectations for Chinese AI companies’ valuations are significantly increasing. The Dark Side of the Moon achieving higher valuations amid this wave aligns with the overall industry trend.

Key Information to Watch

Currently, the focus should be on:

• The specific amount raised in the new round and the identity of the investors (not yet disclosed)
• The timing of the funding completion (news states “will be completed very soon,” but no exact date)
• Post-funding product and market strategy adjustments

Summary

The Dark Side of the Moon has completed consecutive funding rounds within a month, with its valuation jumping from $4.3 billion post-money to $4.8 billion pre-money. This reflects strong capital enthusiasm for the AI dialogue track and indicates broad market recognition of the company. Such rapid fundraising is uncommon among startups and usually suggests either extremely high market demand or competitive pressure forcing the company to accelerate its fundraising. Regardless, The Dark Side of the Moon is in a favorable phase of rising valuation and funding. Future attention should be on whether the new financing is smoothly completed and how the funds will be used for product development and business expansion.