Alibaba-backed AI startup Moonshot AI valued at $4.8 billion in new funding round. Kimi chatbot gained popularity in China before DeepSeek’s release. Rival AI companies Zhipu and MiniMax surged after going public in Hong Kong. Moonshot’s funding round expected to close soon at least $500 million higher than previous round.

Interest in Chinese AI IPO candidates grows due to limited access to U.S. AI chatbots in mainland China. Beijing restricts U.S.-based internet services. Moonshot AI has not commented on IPO plans. Zhipu and MiniMax market values at $13 billion and $15.2 billion respectively. Previous funding round included participation from IDG, Alibaba, and Tencent.

Read more at CNBC: Alibaba-backed startup Moonshot AI valuation up $500 million: sources