Moonshot AI raises $2B at $20B as Chinese open-source surges

Moonshot AI (maker of Kimi) is raising $2B at a $20B valuation as demand for open-source models from China accelerates. Listed rivals Zhipu AI ($55.9B mkt cap) and MiniMax ($33B) have also rallied on new model releases, with Kimi competing directly with ChatGPT in Chinese-language markets.