Income in the past 20 days has surpassed the entire previous year. The hidden side of the month becomes the fastest domestic company to advance to a ten-billion-dollar unicorn.

On February 23, reporters learned that after raising over $1.2 billion in consecutive funding rounds, the large model unicorn Moon Shadow (Kimi) achieved the highest funding amount in nearly a year for the large model industry. It also set the fastest pace for a domestic company to advance from establishment to a Tier 10 unicorn (valuation over $10 billion). Public information shows that it took ByteDance over four years to surpass the $10 billion valuation, and Pinduoduo over three years. In contrast, Kimi went from an angel round of $300 million to a valuation exceeding $100 billion in just over two years, with its valuation increasing more than 30 times. Additionally, multiple informed sources revealed that less than a month after the release of Kimi’s K2.5 large model, Kimi’s cumulative revenue in nearly 20 days has already exceeded its total revenue for the entire year of 2025. The growth is mainly driven by a surge in global paying users and API call volume, especially with overseas paying users maintaining rapid growth. Kimi’s overseas revenue has already surpassed its domestic revenue. (The Paper)