文｜周鑫雨 编辑｜苏建勋 春节，热钱涌动在中国大模型赛道上。 一端，是狂撒几十亿元发红包、请奶茶，替当家AI应用拉流量的大厂们；另一端，则是股价飞涨、融 资迅猛的大模型六小虎们。 在搞钱的战场上，开年最大的一笔融资，来自月之暗面。 此前彭博社等媒体报道称，近期月之暗面即将完成的超7亿美元融资，由阿里、腾讯、五源资本、九安 医疗等老股东领投，并且已经超募。与此同时，月之暗面已经以100亿-120亿美金的估值，无缝开启了 新一轮融资。 《智能涌现》独家获悉，月之暗面的超7亿美元融资中，股东阵容除了联合领投的老股东们，还包括老 股东高榕创投，以及新增的凯辉基金——这也是凯辉，首次朝大模型公司开枪； 据我们了解，以超100亿美金估值开启的新一轮融资，已经收到了多家机构的意向，包括欧洲背景的海 外基金。 有关上述信息，截至发稿前，月之暗面暂无回应。 用"抢"形容月之暗面这轮融资的局面，一点也不过分。 一名知情人士告诉我们，从2025年下半年，月之暗面开启融资之初，不少机构的LP，就"催着投资"。 这或许是除了2023年初，行业对大模型最大的一次FOMO（错失恐慌症）。 溯其缘由，是自港股IPO以来，智谱和MiniMax ...

IT之家 2 月 18 日消息，今日特斯拉、X 平台 CEO 埃隆 · 马斯克通过 X 平台发文官宣，xAI 旗下大模型 Grok 的 4.2 版本候选发布版（公开测试版）现已可供 使用。 IT之家注意到，这位全球首富在 X 平台上写道，用户必须专门选择 Grok 4.2 才能激活它。 马斯克在推文中表示，非常欢迎用户为该版本提供反馈。他同时强调，与 Grok 此前的所有版本不同，Grok 4.2 具备快速学习能力，因此每周都会有带有发 布说明的改进。 ...

Core Viewpoint - The company is expanding its international financing channels through the issuance of H-shares and plans for a listing on the Hong Kong Stock Exchange by December 15, 2025 [1] Financial Performance - In the first half of 2025, the company achieved a revenue of 556 million yuan, representing a year-on-year growth of 20.40%, primarily driven by its content ecosystem and IP operations [2] Business Progress - As of August 22, 2025, the domestic box office for a specific film has surpassed 460 million yuan, receiving high ratings. The company plans to release this film in multiple countries and regions, including North America, Southeast Asia, and Japan starting in August 2025 [3] Business and Technology Development - The overseas short video app FlareFlow, launched in April 2025, has rapidly expanded to cover 177 countries and regions, with recharge revenue increasing by over 500% within three months. Additionally, the company's self-developed "Chinese Xiaoyao" large model has been applied in content creation to enhance production efficiency [4]

阿里腾讯加码。 当一众AI应用扎堆打响超"春节红包战"之际，AI独角兽月之暗面（Moonshot AI）旗下产品Kimi却悄然 放出"大招"——在完成5亿美元C轮融资仅一个多月后，新一轮超7亿美元融资已进入交割收尾阶段。 本轮融资由阿里、腾讯、五源、九安等老股东联合领投，公司估值突破100亿美元大关，正式跻身全球 独角兽行列，为热闹的春节AI赛道注入了不一样的资本信号。 Kimi创近一年行业融资纪录 短短两个月内，Kimi累计融资规模将超12亿美元，创下近一年来国内大模型行业最高融资纪录。值得 关注的是，在本轮融资即将落定之际，Kimi已启动下一轮估值100亿—120亿美元的融资计划。 回溯来看，Kimi上一轮5亿美元C轮融资于2025年12月完成并大幅超募，公司现金储备充足。月之暗面 创始人、CEO杨植麟曾在内部全员信中表示，公司账面有超过100亿元人民币的现金储备。 杨植麟在信中称："相比于二级市场，我们判断还可以从一级市场募集更大量资金。事实上，我们B/C 轮融资金额就超过绝大部分IPO募资及上市公司的定向增发。所以我们短期不着急上市，也不以上市为 目的。" 作为国内大模型"六小虎"的领军企业之一，Ki ...

Group 1 - The core viewpoint of the article is that there is a coordinated effort by marketing accounts to portray ByteDance as the largest short-seller of Hengke, misinterpreting coincidences as causal relationships, which is seen as malicious and absurd [2] - Li Liang, Vice President of Douyin Group, acknowledges that while some decline in Hengke's stock may be related to Seedance 2.0, certain key stocks in Hengke's computing power sector are experiencing gains due to the emergence of better models in China [2] - The impact of Seedance 2.0 on Hengke is multifaceted and should be viewed comprehensively, as innovations and competition in large models will ultimately drive the development of AI technology, benefiting all participating companies through mutual stimulation [2]

Core Insights - Alibaba has launched its new AI model Qwen3.5-Plus, which competes with top closed-source models like Gemini-3-pro and GPT-5.2, marking a significant advancement in the AI landscape [1] - During the Spring Festival, over 130 million people experienced AI shopping for the first time, with the AI assistant "Qianwen" becoming a national-level tool [1] - Qwen3.5-Plus features a total of 397 billion parameters, with only 17 billion activated, achieving performance that surpasses models with over a trillion parameters while reducing deployment memory usage by 60% [1][4] Model Performance and Innovation - Qwen3.5 represents a generational leap from previous models, transitioning from a pure text model to a native multimodal model, significantly enhancing its capabilities in various assessments [2] - The model has shown superior performance in multiple evaluations, including general agent assessments and visual question answering, outperforming competitors like Gemini 3 Pro and GPT-5.2 [2][3] - Key innovations in Qwen3.5's architecture include a mixed MoE structure and a unified approach to handling multiple data modalities during pre-training, resulting in a more efficient model with lower parameter requirements [4] Market Impact and User Engagement - The Qianwen app has seen a dramatic increase in user engagement, with a 22-fold increase in AI ticket orders and a 372-fold increase in movie ticket orders during the Spring Festival [6] - Nearly half of all AI orders came from county-level cities, indicating a broadening user base and accessibility of AI technology [6] - The app's integration with Qwen3.5-Plus enhances its capabilities, allowing it to assist users in various tasks, thus increasing its utility in daily life [6] Infrastructure and Ecosystem - Alibaba has opened over 400 Qianwen models since 2023, with global downloads surpassing 1 billion, fostering a robust developer ecosystem [8] - The company’s self-developed AI chip "Zhenwu 810E" is optimized for training and inference of large models, contributing to the cost-effectiveness of Qwen3.5 [9] - Alibaba Cloud holds a 35.8% market share in China's AI cloud market, indicating its leading position and the growing demand for AI infrastructure [10] Long-term Strategy and Vision - Qwen3.5 is part of Alibaba's broader strategy towards achieving AGI, with ongoing exploration of all-in-one multimodal capabilities [5][7] - The dual approach of advancing cutting-edge models while making AI accessible to everyday users reflects Alibaba's commitment to integrating technology into daily life [11]

Group 1 - Kimi is set to complete a new financing round of over $700 million, following a previous $500 million round just over a month ago [1] - The latest financing round is led by existing shareholders including Alibaba, Tencent, Wuyuan, and Jiua [1] - Kimi's valuation has doubled to exceed $10 billion, with the total amount raised in the last two rounds reaching over $1.2 billion, marking the highest financing amount in the large model industry in the past year [1]

此外，其新一轮 100-120 亿美元（现汇率约合 691.52 - 829.82 亿元人民币）估值的融资亦已经开启，照此计算，Kimi 最新估值直接翻倍并突破 100 亿美元 大关，总额超 12 亿美元（IT之家注：现汇率约合 82.98 亿元人民币）的连续两轮融资也是近一年来大模型行业的最高融资金额。 IT之家 2 月 17 日消息，据"科创板日报"报道，在完成上一轮 5 亿美元（现汇率约合 34.58 亿元人民币）融资仅一个多月后，月之暗面 Kimi 新一轮超 7 亿美 元（现汇率约合 48.41 亿元人民币）的融资即将完成交割，本轮由阿里、五源、九安等老股东联合领投，腾讯也参与投资。 ...

2025年底，行业正驶入快车道，上市潮起之际，月之暗面却明确表示不急于叩响资本市场大门。杨植麟 在信中称："相比于二级市场，我们判断还可以从一级市场募集更大量资金。事实上，我们B/C轮融资 金额就超过绝大部分IPO募资及上市公司的定向增发。所以我们短期不着急上市，也不以上市为目 的。" 对月之暗面旗下的Kimi来说，2025年是技术持续演进的一年。杨植麟在内部信开头即祝贺团队取 得"SOTA成绩"（业界顶尖水准）。他写道，K2和K2 Thinking的发布标志着公司在AGI道路上走出重要 一步，并列举了"中国首个万亿参数基座模型""第一个开源的agentic model"等技术标签。 在月之暗面的布局中，技术突破与产品迭代正为商业化铺平道路。自5月起，Kimi高频推出包括 Researcher、OK Computer、PPT、Kimi Code在内的多项智能体（Agent）功能。杨植麟在信中透露，9 月至11月，海内外付费用户数平均月环比增长超过170%。同时，K2 Thinking的发布也显著带动了API 收入，同期海外API收入增长达4倍。 然而，百亿元的现金储备只是下一场更昂贵竞赛的燃料。杨植麟明确，C ...

就在千问、豆包、元宝等打响"春节红包战"之际，Kimi却不声不响整了个大新闻。 据《科创板日报》2月17日报道，在完成上一轮5亿美元融资仅1个多月后，月之暗面Kimi新一轮超7亿美元的融资即将完成交割，本轮由阿里、五源、九 安等老股东联合领投，腾讯也参与投资。此外，其新一轮100-120亿美元估值的融资亦已经开启。 照此计算，Kimi最新估值直接翻倍并突破100亿美元大关，总额超12亿美元的连续两轮融资也是近一年来大模型行业的最高融资金额。 就在一个多月前，2025年12月31日，《每日经济新闻》记者获悉，月之暗面（Moonshot AI）"90后"创始人杨植麟发布内部信，其透露："公司近期完成了 5亿美元C轮融资且大幅超募，当前现金持有量超过100亿元。" 每经编辑｜段炼 然而，百亿元的现金储备只是下一场更昂贵竞赛的燃料。杨植麟明确，C轮融资资金将用于"更加激进地扩增显卡"，加速K3模型的训练和研发。部分资金 也将用于2026年的激励计划和期权回购计划。 另一方面，内部信也透露出AI人才的争夺战正在各家激烈上演。杨植麟在信中表示，公司将在2026年春节前确定并发放K2 Thinking及后续产品的奖励方 案 ...