Moonshot AI reportedly closes $3.5 billion round at $35 billion valuation

Moonshot AI has reportedly closed a funding round that raised about $3.5 billion and valued the Beijing-based company at $35 billion. The round was roughly twice the upper end of the $1 billion to $2 billion target the company had initially set. The financing comes as Moonshot prepares for another private round that could value it at up to $50 billion before a potential Hong Kong listing. The company’s annual recurring revenue reportedly rose from $100 million in March to $300 million in June, adding a business-growth metric to the valuation story. [Bloomberg] Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox. Your support helps TechNode continue to provide credible, on-the-ground journalism and industry insights about the Chinese tech industry.

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