88Z AI, 2 July — Kling AI, under Kuaishou, plans to close a $3 billion financing round with Tencent participating, setting a post-money valuation of $18 billion. The company expects to launch a Hong Kong IPO within a year, using funds for computing power and talent. Its annualized revenue exceeds $300 million, mainly from overseas markets.
At a glance
- Kling AI secures $3 billion financing with Tencent, valued at $18 billion
- Plans HK IPO within 12 months, with annualized revenue over $300 million
The update
Kling AI, the AI video generation business under Kuaishou, is set to complete a financing round worth $3 billion, with Tencent participating in the investment. Following this round, Kling AI's valuation is established at $18 billion, which is $2 billion lower than the previous target of $20 billion. Kuaishou expects to push for Kling AI's initial public offering in Hong Kong within the next 12 months. The raised funds will be primarily directed towards building computing infrastructure and recruiting top talent. Financial data shows that Kling AI's annualized revenue has surpassed $300 million, with first-quarter revenue reaching $75 million, mainly derived from overseas markets.
Sources & editorial note
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- 智东西Source published
Source dates above refer to the original announcements; the date under the headline is this article’s publication on 88Z AI.