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

Jan. 20 — Dark Side of the Moon (Kimi) is wrapping up a new funding round with a pre-money valuation of $4.8 billion, up from $4.3 billion just weeks ago, according to *STAR Market Daily*. The round is nearing completion, and the company has not yet commented on the deal. Previously, on Dec. 31, 2025, Kimi disclosed it had closed a $500 million Series C financing. IDG led the round with $150 million, while existing backers including Alibaba, Tencent and Wang Huiwen increased their stakes. The post-money valuation reached $4.3 billion. In an internal memo, founder and CEO Yang Zhilin noted the company holds over 10 billion yuan in cash — a sum on par with post-IPO peers Zhipu and MiniMax. As of June 2025, Zhipu held $2.55 billion in cash and targets an IPO raise of roughly $3.8 billion. MiniMax had $7.35 billion in cash as of September 2025, with an expected IPO raise of $3.4 billion to $3.8 billion. Insiders say this means Kimi “can afford to bide its time on an IPO.”