Kimi K3 had created waves after coming close to matching the capabilities of US frontier models, and its parent company has seen its valuation jump after its release. Moonshot AI has closed a $3.5 billion funding round that values the Beijing-based lab at $35 billion, according to a Bloomberg News report. The number blows past what the company was originally targeting, which people familiar with the round had put at somewhere between $1 billion and $2 billion. Moonshot is reportedly already in talks for another round, this time at a $50 billion pre-money valuation, according to the report. On narrower tests, Kimi K3 has actually come out on top.