从投出小红书到被朱啸虎炮轰，清华才女能否带领Kimi挤上IPO牌桌？

Core Viewpoint - The article discusses the rise of Zhang Yutong, a prominent figure in the AI startup "Moon's Dark Side," highlighting her transition from investor to CEO and the company's rapid valuation growth as it prepares for a potential IPO by 2026 [1][10]. Group 1: Zhang Yutong's Background and Role - Zhang Yutong, a Tsinghua University graduate and former partner at Sequoia Capital, has a notable investment history, including investments in high-profile projects like Xiaohongshu, which is valued over $31 billion [3][4]. - Her appointment as CEO marks a significant shift from being a behind-the-scenes investor to leading the company's operations and strategy [4][5]. Group 2: Controversies and Disputes - A key controversy involves Zhang's departure from Sequoia Capital after securing over $1 billion from Alibaba for Moon's Dark Side, which increased the company's valuation from $300 million to $2.5 billion [5][6]. - Former colleague Zhu Xiaohu has publicly criticized Zhang, alleging she concealed important information regarding her equity stake in the new venture, which has led to ongoing disputes [8][9]. Group 3: Capital Market Activity - Moon's Dark Side has rapidly raised over 3 billion yuan in five funding rounds since June 2023, attracting major investors like Sequoia China and Tencent, with its valuation soaring from nearly 2 billion yuan to approximately $2.5 billion [11][12]. - The latest funding round is expected to push the company's valuation to around $4 billion (approximately 28 billion yuan) [12]. Group 4: Market Position and Challenges - Despite significant capital influx, Moon's Dark Side faces challenges in user engagement, ranking sixth among AI assistants with about 9 million active users, trailing behind competitors [13]. - The company aims to launch a new generation of its AI model, Kimi K2 Thinking, which promises to enhance its technological capabilities and address commercialization challenges [13].