[Kimi's Valuation Rises to $31.5 Billion, ARR Surpasses $300 Million, Revenue Curve Shows Early Traits of Anthropic] According to a report by Golden Finance on June 30, citing the Sci-Tech Innovation Board Daily, Kimi's previous $20 billion valuation financing round was recently completed, and a new financing round has already begun, with a pre-money valuation rising to $31.5 billion. Institutional sources close to Kimi revealed the company's latest revenue data during this round of financing discussions: as of mid-June, ARR (Annual Recurring Revenue) surpassed $300 million. The revenue growth in this round primarily stems from increased developer usage and API revenue driven by model iterations. Currently, API revenue accounts for more than 70% of Kimi's total revenue and continues to rise. Kimi's revenue curve is beginning to exhibit characteristics of Anthropic's early commercialization phase: a surge in developer calls, an increasing proportion of API revenue, growth in overseas paying users, and an upward shift in the pricing structure driven by model capability iterations.