Alibaba-backed AI startup Moonshot AI has lifted its valuation to $4.8 billion in a new funding round, CNBC reported on Jan. 19, citing two people familiar with the matter.

Moonshot AI is seeking additional funding about two months after it raised money at a $4.3 billion valuation in December. The company has drawn attention for its Kimi chatbot, and the successful IPOs of rival AI companies are also seen as having contributed to the rise in its valuation.

Last month, Moonshot AI was valued at $4.3 billion in a funding round joined by IDG, Alibaba and Tencent. The round now under way is likely to be wrapped up at around $4.8 billion, an increase of $500 million.

The CNBC sources said Chinese AI companies are building their own ecosystems and growing rapidly in global markets as U.S. chatbot services are blocked in China.

Moonshot AI has not officially announced plans for an IPO, but its valuation is likely to rise further in the future given the recent listing trend among Chinese AI companies. Competitors Zhipu Technology and MiniMax have attracted investor attention after listing in Hong Kong, recording valuations of $13.0 billion and $15.2 billion, respectively.

AI market analysts forecast that Chinese AI companies are quickly raising funds through IPOs and that Moonshot AI is also likely to join the listing queue. They said its valuation would rise further in future funding rounds.