以下文章来源于智能涌现 ，作者邓咏仪 智能涌现 . 直击AI新时代下涌现的产业革命。36氪旗下账号。 2025年，月之暗面从"烧钱换规模"的斗争中暂时脱身，还在海外开发者蹚出一条新路，这是杨植麟在公开信中写下"短期暂不考虑上市"的 底气。 文 ｜ 邓咏仪 编辑 ｜ 苏建勋 来源｜ 智能涌现（ID：AIEmergence） 封面来源 ｜ AI生成 1 2月 末的AI圈异常热闹：智谱、MiniMax的"港股AI第一股"之争刚落幕，2025年最后一天，月之暗面（Kimi）默默甩出最后一 炸：完成5亿美金的新一轮融资。 据了解，本轮融资由IDG领投，阿里、腾讯等 月之暗面老股东超额认购，公司投后估值达43亿美元。据"智能涌现"了解，月之暗 面这一轮超额认购的老股东，还包括高榕创投和今日资本。 超额认购，意味着老股东对被投项目持续看好。 所谓超额认购（Super Pro Rata），通俗来说，这是一种让早期投资者在后续融 资中"加仓"，并扩大持股比例的特殊权利。 举个例子，机构A在投前占月之暗面股比5%，而在引入新股东后，机构A想维持5%的份额，需要继续下注（Pro Rata），那如果 想要获得5%以外的更多份额，就要 ...

1 2月 末的AI圈异常热闹：智谱、MiniMax的"港股AI第一股"之争刚落幕，2025年最后一天，月之暗面 （Kimi）默默甩出最后一炸：完成5亿美金的新一轮融资。 根据月之暗面提供给我们的官方信息，本轮融资由IDG领投，阿里、腾讯等 月之暗面老股东超额认 购，公司投后估值达43亿美元。据《智能涌现》了解，月之暗面这一轮超额认购的老股东，还包括高榕 创投和今日资本。 文｜邓咏仪 编辑｜苏建勋 超额认购，意味着老股东对被投项目持续看好。所谓超额认购（Super Pro Rata），通俗来说，这是一 种让早期投资者在后续融资中"加仓"，并扩大持股比例的特殊权利。 举个例子，机构A在投前占月之暗面股比5%，而在引入新股东后，机构A想维持5%的份额，需要继续 下注（Pro Rata），那如果想要获得5%以外的更多份额，就要加仓更多金额，这就是超额认购(Super Pro Rata)。 除了融资消息以外，12月31日，月之暗面创始人杨植麟也发布内部信，披露了几个关键信号： 加大人才激励：春节前会确定K2 Thinking模型和产品的奖励方案。2026年平均激励会是2025年的 200%，同时大幅上调期权回购额度； ...

摘要：对于超百亿现金储备的用途，杨植麟在内部信中明确表示，将"更加激进地扩增显卡，加速K3模型的训练和研发。" 来源：凤凰网科技 凤凰网科技 出品 作者｜董雨晴 12月31日，凤凰网科技获悉，在2025年的最后一天，月之暗面CEO杨植麟对内做了一个简单的沟通。 他通过内部信告知，月之暗面近期完成了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。"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。" 另据《晚点LatePost》报道，Kimi的此次融资IDG领投了1.5亿美元，阿里、腾讯、王慧文等老股东均超额认购，投后估值43亿美元，约合300亿人民币。其 中，王慧文已经累计投资月之暗面 7000 万美元。 "他们前后只用了不到两个月，属于超额融资。" 一位接近月之暗面的人士称。 Kimi原本想在今年保持低调，但外部环境已发生诸多变化——曾经拿来比较的其他头部AI公司都在冲击上市。最快下个月，2026年开年，智谱与Minimax都 将登陆港股。 作为对比，以每股116.20港元发行价计算，扣除相关费用后，智谱本次IPO募 ...

Group 1 - The U.S. stock market experienced significant volatility, with the Nasdaq dropping over 2% before recovering later in the night [3] - The potential resolution of the U.S. government shutdown is a key factor influencing market sentiment, as bipartisan negotiations are underway regarding healthcare funding [4] - The government shutdown has lasted for 40 days, severely impacting various sectors, including food assistance programs affecting over 40 million people and military pay [4] Group 2 - The Federal Reserve's potential decision to expand its balance sheet to meet liquidity demands could provide a positive boost to the market [5] - China's recent white paper on carbon neutrality emphasizes the commitment to green energy transition, which may benefit the renewable energy sector [6] - The release of Kimi's K2 Thinking model, which outperforms major competitors, indicates increasing competition in the AI space, potentially impacting companies like OpenAI [7] - China's issuance of $4 billion in U.S. dollar bonds and €4 billion in euro bonds suggests strong demand for its sovereign debt, which may affect U.S. bond issuance [7] - Significant price increases in NAND flash memory contracts by SanDisk, with a rise of 50%, highlight changes in the supply-demand dynamics within the storage market [7]

Group 1 - The core viewpoint of the news highlights a collective pullback in the artificial intelligence (AI) industry chain, with the CSI Artificial Intelligence Theme Index down by 1.4% and the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index down by 1.7% as of 10:55 AM [1] - Despite the market pullback, there was a significant inflow of funds into AI-related ETFs, with the AI ETF (159819) seeing over 20 million units net subscribed during the session [1] - The release of the K2 Thinking model by Moonlight Dark Side demonstrates advanced reasoning and tool-calling capabilities, surpassing overseas models in multiple benchmark tests, which could stimulate demand for training and reasoning clusters in the A-share market [1] Group 2 - Major overseas cloud service providers, including Amazon, Meta, Alphabet, and Microsoft, reported a total capital expenditure of $97.2 billion last quarter, reflecting a 65% year-on-year increase, and are expected to continue increasing investments in AI infrastructure through 2026 [1] - The balanced distribution of the CSI Artificial Intelligence Theme Index covers leading companies across various segments of the AI industry chain, while the SSE Sci-Tech Innovation Board AI Index focuses on larger market cap stocks in the AI sector, particularly in foundational chips and AI applications [2] - The AI ETF (159819) and the Sci-Tech Innovation AI ETF (588730) track the aforementioned indices, providing investors with a streamlined way to invest in leading companies within the AI industry chain [2]