Kimi recently completed a 500 million dollar C round of financing, IDG took $150 million, and old shareholders such as Ali, Tent, Wang Wei Wen oversubscribed, valued at $4.3 billion. It is understood that Wang Huiwen has accumulated $70 million in investment in the dark side of the month. “They only spent less than two months around, which is overfinancing.” According to one person close to the dark side of the month, the level-I market was more enthusiastic towards companies than expected. On 31 December, CEO Yang, the founder of the dark side of the month, issued an internal letter in which the company had over RMB 10 billion in cash reserves. This size is no longer less than that of the post-IPO think tank, MiniMax: as of June 2025, the figure was $2.55 billion in cash and IPO was expected to finance approximately $3.8 billion. As of September 2025, MiniMax had $7.35 billion in cash, and IPO expects $3.4-3.8 billion in financing. According to the above-mentioned sources, this means that the dark side of the moon “can not rush IPO”. (LatePost later)