Moonshot says Kimi K3 pushed its annualised revenue above $1bn

Moonshot told investors that annual recurring revenue jumped from about $300mn in June to more than $1bn in August following Kimi K3’s July launch, and it is targeting a $2bn annualised rate by year-end. Treat those as company-reported run rates, not audited annual sales.

The interesting evidence supporting the growth story is usage: K3 has been processing as much as roughly 300bn tokens per day on OpenRouter, although recent independent tracking puts the current figure closer to 200bn. Moonshot is simultaneously exploring Hong Kong and Shanghai listings and talking with Microsoft, Amazon and Google about distributing K3 through their clouds.

K3 is starting to answer a major open question about open-weight frontier models — you can give away the weights and still build a very large inference business if you become infrastructure other companies build on.