BlockBeats News, July 22, China's AI large model company Darkmoon is accelerating its capitalization process, planning to start the final round of financing negotiations before the IPO in August, aiming for a pre-IPO valuation of $50 billion.

Reports indicate that Darkmoon is expected to complete a financing round soon, corresponding to a valuation of around $31.5 billion. After completing this round of financing, the company will immediately engage in negotiations for the next round of financing with potential investors, which may be its final pre-IPO private placement before listing on the Hong Kong capital market.

Market insiders believe that if the financing plan progresses smoothly, Darkmoon could potentially start the Hong Kong IPO process as early as this year. One of the key drivers behind this valuation increase is the company's recent release of the next-generation large model Kimi K3.

Introduced as Kimi K3, the model has a parameter scale of 28 trillion, supporting a million-token context window, making it one of the world's largest open-source models in terms of parameter scale. Following the model's release, it quickly drew market attention, leading the company to temporarily adjust new user subscription arrangements to ensure the user experience for existing users.

As the competition in generative AI moves into a phase of competition in computing power, user scale, and commercialization capabilities, large model companies are rapidly seeking capital support. Darkmoon's financing plan reflects the market's continued interest in leading AI-base model companies.

However, the $50 billion valuation target also implies higher commercialization requirements. Future investors will focus on Darkmoon's revenue growth, computing cost control, and whether the Kimi series models can form a stable business model. If the financing and listing plans proceed smoothly, Darkmoon may become a significant case of capitalization for Chinese AI large model companies.