[It's said that Kwai's Keling AI has launched $18 billion financing: it plans to go public in Hong Kong in 2027] According to the monitoring of Activision Beating, Keling AI, the video generation business of Kwai, is in the first round of financing (Pre IPO round) since the split, with a pre investment valuation of $18 billion. The relevant listing application work is currently progressing according to the deadline of submitting Hong Kong stock materials at the beginning of 2027. Based on the closing market value of Kwai on June 2 (about US $27.4 billion), the valuation of Kering AI has reached 66% of the parent company's market value, indicating that the primary market has high expectations for video generation unicorns. Due to the lack of independent plans to split video models among domestic and foreign peers, Kelin AI is expected to become the world's first listed company to focus on video models. In terms of revenue and subscription data, the business has achieved explosive growth. According to the financial report of Kwai in the first quarter of 2026, Keling AI achieved revenue of more than 650 million yuan during the period, with a year-on-year growth of more than 300%. As of March 2026, the annualized revenue operating rate (ARR) of Kelin AI has approached $500 million, four times that of the same period last year, and the annual ARR guidance has been raised from $300 million to $500 million. Cheng Yixiao, the chairman and CEO of Kwai, revealed that the growth of performance was driven by enterprise API calls and user subscriptions. The number of paying users and the average monthly payment amount were growing at a high speed. At present, they are mainly used in three scenarios, namely, advertising marketing, film and television short plays and game production. In terms of model architecture, Ke Ling AI launched the 3.0 series model in February 2026, which supports full modal input and output based on the All in One architecture. In the latest Artificial Analysis global video model ranking, Ke Ling 3.0 ranks fourth globally and is in the first tier among domestic models. At the enterprise level application level, Ke Ling 3.0 supports native applications 4K@60fps We are competitive in producing high-definition videos and have launched a team plan to support real-time collaborative creation among 15 members. [Original link]