The Dark Side of the Moon completes $500 million Series C funding, with IDG leading $150 million

On December 31, according to LatePost, Moon Shadow (Kimi) recently completed a $500 million Series C funding round, with IDG leading $150 million, and major shareholders such as Alibaba, Tencent, and Wang Huiwen subscribing oversubscribe. The post-investment valuation is $4.3 billion. It is reported that Wang Huiwen has invested a total of $70 million in Moon Shadow. An individual close to Moon Shadow stated that the enthusiasm from the primary market for the company exceeded expectations. On December 31, Moon Shadow founder and CEO Yang Zhilin issued an internal letter stating that the company has more than RMB 10 billion in cash reserves. This scale already rivals that of Zhizhu and MiniMax after their IPOs. As of June 2025, Zhizhu has RMB 2.55 billion in cash, with an expected IPO fundraising of about RMB 3.8 billion. As of September 2025, MiniMax has RMB 7.35 billion in cash, with an expected IPO fundraising of RMB 3.4 to 3.8 billion. Sources say this means Moon Shadow “can afford to delay the IPO.”