The Dark Side of the Moon (Kimi) Recently Completed $500 Million Series C Financing

The financing was led by IDG with an investment of $150 million, and existing shareholders such as Alibaba, Tencent, and Wang Huiwen oversubscribed, resulting in a post-investment valuation of $4.3 billion. It is reported that Wang Huiwen has cumulatively invested $70 million in The Dark Side of the Moon. A person close to The Dark Side of the Moon stated that the enthusiasm in the primary market for the company exceeded expectations.

The founder and CEO Yang Zhilin released an internal letter stating that the company has over 10 billion RMB in cash reserves. This scale is comparable to the post-IPO cash reserves of Zhipu and MiniMax. As of June 2025, Zhipu has 2.55 billion RMB in cash, with an IPO expected to raise about 3.8 billion RMB. As of September 2025, MiniMax has 7.35 billion RMB in cash, with an IPO expected to raise between 3.4 billion to 3.8 billion RMB. Sources say this means The Dark Side of the Moon can afford to wait for an IPO.