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

BlockBeats News, January 20 — According to the Science and Technology Innovation Board Daily, Moon Shadow (Kimi) is finalizing a new round of financing, with a pre-money valuation of $4.8 billion. A few weeks ago, Moon Shadow was valued at $4.3 billion. It is reported that this round of financing will be completed soon, and Moon Shadow has not yet commented on this financing.

Previously, on December 31, 2025, Moon Shadow (Kimi) disclosed that it recently completed a $500 million Series C funding round, led by IDG with $150 million, with major shareholders such as Alibaba, Tencent, and Wang Huiwen oversubscribing. The post-money valuation was $4.3 billion. Moon Shadow’s founder and CEO Yang Zhilin issued an internal letter stating that the company has over RMB 10 billion in cash reserves. This scale already rivals that of IPO-stage companies like Zhizhu and MiniMax. As of June 2025, Zhizhu had RMB 2.55 billion in cash, with an IPO expected to raise about RMB 3.8 billion. As of September 2025, MiniMax had RMB 7.35 billion in cash, with an IPO expected to raise between RMB 3.4 billion and RMB 3.8 billion. Sources say this means Moon Shadow “can afford to delay IPO.”