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

BlockBeats News, December 31 — Moon of Darkness (Kimi) recently completed a $500 million Series C funding round, with IDG leading $150 million. Old shareholders such as Alibaba, Tencent, and Wang Huiwen oversubscribed, bringing the post-investment valuation to $4.3 billion. It is reported that Wang Huiwen has invested a total of $70 million in Moon of Darkness. An insider close to Moon of Darkness stated that the enthusiasm from the primary market for the company exceeded expectations. On December 31, Moon of Darkness founder and CEO Yang Zhilin issued an internal letter stating that the company has over 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 raise of about RMB 3.8 billion. As of September 2025, MiniMax has RMB 7.35 billion in cash, with an expected IPO raise of RMB 3.4 to 3.8 billion. Sources say this means Moon of Darkness “can afford to delay the IPO.”