Valuation skyrocketed fourfold in three months! KIM is also going public 85 days ago, founder Yang Zhilin shouted in a letter to all employees: Holding over 10 billion yuan in cash, there is no urgent need to go public in the short term Today, Moonshot AI has started to contact CICC and Goldman Sachs, rapidly advancing their IPO in Hong Kong and simultaneously seeking up to $1 billion in financing in the private equity market, with a target valuation of up to $18 billion! What happened in just 90 days from 'not lacking money' to 'rushing to go public'? The four core logics for directly reconstructing the capital rhythm of the dark side of the moon are as follows: one ️⃣ Crazy 90 Days: Valuation Jumps Three Levels December 25: Series C financing of $500 million, valued at $4.3 billion. January 26: Kimi upgraded K2.5 and equipped it with Kimi Claw intelligent agent. In mid February of the 26th year, the financing exceeded 700 million US dollars, and the valuation exceeded 10 billion US dollars. Now: Sword pointing at $18 billion. In three months, the valuation has increased by over four times. Financial data and version iteration have become the benchmark for this capital leap. two ️⃣ Backbone of peers: The 'siphon effect' of initial funding On January 8th and 9th, Zhipu and MiniMax rang the bell at the Hong Kong Stock Exchange. MiniMax surged nearly 110% on its first day, with a market value exceeding HKD 105 billion; The market value of Zhipu has also risen to HKD 69.8 billion. Peers were the first to go public, directly absorbing the initial pricing funds from the secondary market for the "China Big Model". Early investors on the dark side of the moon suffered the sunk cost of the target's "scarcity discount" due to the company's wait-and-see attitude. three ️⃣ The reverse pressure of macro cycles: the risk of shrinking scarcity premium OpenAI and Anthropic are both advancing their IPO processes for 2026. As the world's top models queue up to enter the secondary market, the regional "scarcity premium" of AI companies is about to face a significant reduction. In addition to the compliance window period for local AI companies to go public overseas under the red chip policy, time is no longer on the side of observers. four ️⃣ The Final Destination of Capital: Liquidity is the Hard Principle Alibaba, Tencent, and Wuyuan Capital have all pushed the valuation of the dark side of the month from 300 million to 18 billion, and the acceptance level of the primary market has already reached its peak. The 10 billion yuan in cash on the account is used to buy consumables such as graphics cards and models; Going public in Hong Kong is the only underlying financial channel for early shareholders to complete asset securitization and exit.