China AI model developer startup Moonshot AI has raised an investment of $2 billion at a $20 billion valuation, TechCrunch reported on May 7 (local time).

Long-Z Investment, the venture capital arm of Chinese food delivery company Meituan, led the round. Tsinghua Capital, China Mobile and CPE Yuanfeng also participated.

Moonshot AI has raised a total of $3.9 billion over the past six months, and its valuation rose more than twofold to $10 billion in early 2026 from $4.3 billion at the end of 2025, TechCrunch said. It said the latest round valued the company at $20 billion.

Moonshot AI was founded in 2023 by Yang Zhilin (양즈린), a former Meta AI and Google Brain researcher. TechCrunch said the open-weight model Kimi K2.5, which Moonshot AI introduced in early 2026, drew attention after showing performance close to OpenAI and Anthropic models in coding benchmarks. The latest model, Kimi K2.6, is currently ranked as the second most used large language model (LLM) on OpenRouter, an AI model distribution platform.

Moonshot AI's annual recurring revenue (ARR) topped $200 million as of April, driven by a surge in paid subscriptions and API use, TechCrunch said.