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

Beijing-based artificial intelligence firm Moonshot AI has reportedly closed a funding round securing approximately $3.5 billion. The company achieved a valuation of $35 billion following the investment.

The reported $3.5 billion raised significantly exceeded the company's initial target range of $1 billion to $2 billion, nearly doubling the upper end of its goal.

This latest financing round occurs as Moonshot AI prepares for another private funding round. This subsequent round is expected to value the company at up to $50 billion and precedes a potential listing on the Hong Kong stock exchange.

Adding to the financial news, Moonshot AI's annual recurring revenue reportedly saw substantial growth, increasing from $100 million in March to $300 million by June. This metric of business expansion bolsters the company's valuation narrative.