TMTPOST — Beijing artificial intelligence startup Moonshot AI completed a Series F financing round exceeding $3.5 billion on Wednesday, elevating its post-money valuation to $35 billion. Driven by surging demand following the July 16 launch of its 2.8 trillion-parameter Kimi K3 foundation model, the transaction closed ahead of schedule after securing more than triple its original $1 billion target. The National Artificial Intelligence Industry Investment Fund led the equity syndicate, which opened at a $31.5 billion pre-money valuation before expanding to absorb surplus investor interest. Moonshot AI will allocate the capital toward advanced compute infrastructure, server cluster expansion, and core algorithm development as its annualized recurring revenue reached $300 million in June 2026. Management launched a pre-initial public offering Series G round at a $50 billion pre-money valuation immediately after closing the Series F. The Beijing-based research lab distributed a shareholder resolution to backers earlier in July to secure formal corporate approval for a proposed Hong Kong Stock Exchange listing as soon as late 2026. Substantial domestic capital allocation toward frontier AI labs underscores a broader strategy across the Chinese mainland to establish sovereign computing capabilities and fund public market exits for domestic technology champions.