再融 5 亿美金，新模型带动 Kimi 海外 API 收入呈 4 倍级速度增长

Core Insights - Kimi has successfully completed a $500 million Series C funding round, achieving a post-money valuation of $4.3 billion, following the acquisition of Manus [1][2] - The company has reported a significant increase in paid users, with a month-over-month growth of over 170% from September to November 2025, and a fourfold increase in overseas API revenue during the same period [2][9] - Kimi's advancements in technology, particularly with the release of the K2 Thinking model, have driven rapid commercialization and product development [3][9] Funding and Financials - The Series C funding round saw participation from major investors including Alibaba, Tencent, and existing shareholders, with cash reserves exceeding 10 billion RMB [2][9] - Kimi's B/C funding rounds have raised more than most IPOs and directed offerings, indicating a strategic preference for private funding over immediate public listing [5][9] - The funds from the recent financing will be allocated towards expanding GPU resources and accelerating the development of the K3 model, as well as employee incentive programs [10] Technological Advancements - Kimi has launched the K2 and K2 Thinking models, marking significant breakthroughs in complex reasoning and long-chain thinking capabilities, with the K2 model being the first in China to reach a trillion parameters [3][8] - The K2 Thinking model allows for continuous self-reasoning and tool invocation, enabling the model to perform complex tasks autonomously, which is a shift from traditional models that primarily generate text [3][7] - Future developments will focus on the K3 model, which aims to enhance computational efficiency and generalization capabilities, potentially increasing equivalent FLOPs by an order of magnitude [6][11] Strategic Goals - Kimi aims to surpass leading companies like Anthropic and establish itself as a world leader in AGI, with a focus on innovative and unique model capabilities [6][11] - The company plans to integrate model training with product development to enhance user experience and meet real-world application needs, rather than solely focusing on benchmark scores [7][11] - Kimi's vision for 2026 includes a commitment to exploring uncharted technological territories and delivering unique contributions to human civilization through its innovations [11]