Moonshot AI closes $3.5 billion funding round to hit $35 billion valuation

Moonshot AI secured a $35 billion valuation after raising a larger-than-anticipated $3.5 billion in a just-closed round of financing. The Beijing-based startup got more than the $1 billion to $2 billion it initially targeted. Many investors joined, including the National Artificial Intelligence Industry Investment Fund, as the company grew fast.