China's AI Arms Race Surges: Mainly a Battle Between Beijing and Shanghai

As of the close on March 14, the latest battle report for China's three AI large model giants:

1. MINIMAX (HK:00100)
Xuhui District, Shanghai
Market cap: $40.6 billion
Up 512% since listing

2. Zhipu (HK:02513)
Haidian District, Beijing (Tsinghua-affiliated)
Market cap: $30.3 billion
Up 356% since listing

3. Moonshot AI (Moonshot AI)—Kimi
Haidian District, Beijing (Tsinghua-affiliated)
New round of $1 billion financing underway, latest valuation $18 billion (4x growth in 3 months)
Completed 3 rounds of financing in less than 3 months, setting a new record for domestic large model financing pace.

Why is Kimi so powerful?

3.1 Kimi K2.5 model launched (ranks first among global open-source models in multiple benchmarks)

3.2 AI Agent product Kimi Claw went viral

3.3 Since late January, 20 days of revenue exceeded the entire 2025 year
Global payment platform Stripe data confirms:
January personal subscription payment orders: surged 8,280% month-over-month
February: another 123.8% increase
Already entered Stripe's global AI revenue top 10

Backing investors include: Alibaba, Tencent, Sequoia China, Meituan, Little Red Book, Gaorong Capital, and ZhenGraft Fund

#AI  # Large Model #智谱 #MINIMAX #Kimi