Is Kimi's $500 Billion Valuation Expensive? ARR Exceeding $12 Billion on Par with Intellect, Approaching $25 Billion to Catch up with MiniMax

Insight Beating AI News: The Dark Side of the Moon sprints towards the Hong Kong stock market, with a target valuation of around $500 billion in its latest Pre-IPO round. While this price may seem high, looking back at the already listed MiniMax and Intellispectrum, Kimi actually has a clear revenue threshold to meet.

Based on a rough calculation of market capitalization as of September 3, MiniMax has a total market cap of around $16 billion, with August ARR exceeding $800 million, translating to less than 20 times ARR; Intellispectrum has a total market cap of around $66 billion, with August ARR at $1.6 billion, corresponding to approximately 41.25 times.

If Kimi is valued at $500 billion, its ARR only needs to exceed around $12.12 billion to have a lower valuation multiple than Intellispectrum; reaching $25 billion corresponds to 20 times ARR, approaching MiniMax.

The last time Kimi clearly disclosed ARR was in mid-June at $300 million. After the release of K3 in July, CEO Zhang Yutong stated that enterprise ARR saw "multiple-fold growth" and achieved the largest single-day historical increase; Bloomberg also reported that post-K3 release daily sales increased by at least 6 times, but the company has not yet disclosed the latest absolute value of ARR.

Therefore, the key to determining whether $500 billion is expensive lies in just one number: the latest ARR after K3.