Moonshot AI's Kimi has seen its valuation skyrocket to $31.5 billion following the launch of a new funding round, up from a previous $20 billion valuation. Institutional sources revealed that Kimi's annual recurring revenue (ARR) has surpassed $300 million as of mid-June, driven by increased developer usage and API revenue. API revenue now constitutes over 70% of Kimi's total revenue, reflecting a significant growth trajectory. Kimi's revenue model is showing similarities to Anthropic's early commercialization phase, characterized by a surge in developer API calls and a growing share of API revenue. The company is also experiencing growth in overseas paying users and an upward shift in its pricing system, attributed to advancements in model capabilities.