The dark side of the moon accelerates capitalization, Kimi K3 rushes to a valuation of 50 billion dollars after its release

The Chinese AI large model company Dark Side of the Moon is accelerating its capitalization process, planning to start the final round of pre-IPO financing negotiations in August, with a target pre-investment valuation of $50 billion. Reports indicate that Dark Side of the Moon expects to complete a round of financing soon, corresponding to a valuation of approximately $31.5 billion. After completing this round of financing, the company will immediately engage in discussions for the next round of financing with potential investors, which may become its last private placement before entering the Hong Kong capital market.

Market participants believe that if the financing plan proceeds smoothly, Dark Side of the Moon could initiate the process for a Hong Kong stock listing as early as this year. One of the key driving factors for this valuation increase is the company's recent release of the new generation large model Kimi K3. It is reported that Kimi K3 has a parameter scale of 28 trillion, supporting a context window of millions of tokens, making it one of the largest open-source models in the world by parameter scale. After the model was released, it quickly attracted market attention, prompting the company to adjust its new user subscription arrangements to ensure the user experience for existing customers.

As the competition in generative AI enters a phase of comparison in computing power, user scale, and commercialization capabilities, large model companies are accelerating their search for capital support. Dark Side of the Moon's financing plan also reflects the market's ongoing interest in leading AI foundational model companies. However, the $50 billion valuation target also implies higher commercialization requirements. In the future, investors will focus on Dark Side of the Moon's revenue growth, control of computing costs, and whether the Kimi series models can form a stable business model. If the financing and listing plans proceed smoothly, Dark Side of the Moon may become an important case of capitalization for Chinese AI large model companies.