Alibaba-backed Moonshot AI is being valued at about $4.8 billion in a new funding round, up $500 million from December, according to people familiar with the matter. The jump follows strong post-IPO gains by Chinese AI peers Zhipu and MiniMax in Hong Kong and growing investor appetite for mainland AI champions as U.S. services like ChatGPT remain unavailable in China. Moonshot, developer of the Kimi chatbot, drew backing from Alibaba, Tencent and IDG in its prior round and hasn’t disclosed IPO plans, while rivals now command market caps of roughly $13 billion and $15.2 billion, respectively.
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