Kimi, the dark side of the moon, recently completed a $500 million Series C financing round, with IDG leading the investment of $150 million. Alibaba, Tencent, Wang Huiwen, and other existing shareholders oversubscribed, with a post-investment valuation of $4.3 billion.

It is understood that Wang Huiwen has cumulatively invested $70 million in Kimi. "They completed the financing in less than two months, which is considered oversubscription," said a person close to Kimi, noting that the enthusiasm in the primary market for the company exceeded expectations. On December 31, Yang Zhilin, founder and CEO of Kimi, issued an internal letter stating that the company has over 10 billion RMB in cash reserves. This scale is comparable to the post-IPO cash reserves of Zhipu and MiniMax: as of June 2025, Zhipu has 2.55 billion RMB in cash, with an IPO expected to raise about 3.8 billion RMB. As of September 2025, MiniMax has 7.35 billion RMB in cash, with an IPO expected to raise 3.4-3.8 billion RMB. The aforementioned person said this means Kimi "does not need to rush to IPO." (LatePost)