The Dark Side of the Moon is finalizing a new round of funding, with a pre-investment valuation rising to $4.8 billion.

On January 20, according to the “Science and Technology Innovation Board Daily,” Kimi is finalizing a new round of financing, with a pre-money valuation of $4.8 billion. A few weeks ago, Kimi’s valuation was $4.3 billion. It is reported that this round of financing will be completed soon, and Kimi has not yet commented on this financing. Previously, on December 31, 2025, Kimi disclosed that it had recently completed a $500 million Series C funding round, with IDG leading with $150 million, and major shareholders such as Alibaba, Tencent, and Wang Huiwen oversubscribing, resulting in a post-money valuation of $4.3 billion. Kimi’s founder and CEO Yang Zhilin issued an internal letter stating that the company has over RMB 10 billion in cash reserves. This scale already rivals that of IPO after companies like Zhizhu and MiniMax. As of June 2025, Zhizhu had RMB 2.55 billion in cash, with an expected IPO raise of about RMB 3.8 billion. As of September 2025, MiniMax had RMB 7.35 billion in cash, with an expected IPO raise of RMB 3.4 to 3.8 billion. Sources say this means Kimi “can afford to delay the IPO.”