Moonshot AI will launch the full version of Kimi K3 this Monday, an open-source Chinese AI model that has already cut billions from the implied valuations of OpenAI and Anthropic.
The Kimi K3 model has 2.8 trillion parameters and delivers performance similar to Claude 5 and ChatGPT 5.6, though at lower cost. Since its beta launch last week, it has wiped out 314 billion dollars in implied market capitalization from the two US firms according to broker IG.
Analysts such as Tony Sycamore of IG estimate the new model cuts Anthropic's valuation by 232 billion dollars and OpenAI's by 82 billion dollars. Both companies were valued at less than one trillion dollars in recent private rounds.
Moonshot AI, based in Beijing, has formalized its planned stock market debut in the coming months after a funding round that valued it at 26 billion euros. Demand for the model has led the company to temporarily freeze new subscriptions.
