Moonshot AI reportedly closes $3.5 billion round at $35 billion valuation

Moonshot AI has reportedly closed a funding round that raised about $3.5 billion and valued the Beijing-based company at $35 billion. The round was roughly twice the upper end of the $1 billion to $2 billion target the company had initially set.

The financing comes as Moonshot prepares for another private round that could value it at up to $50 billion before a potential Hong Kong listing. The company’s annual recurring revenue reportedly rose from $100 million in March to $300 million in June, adding a business-growth metric to the valuation story. [Bloomberg]