Kuaishou's Keling AI plans to raise $3 billion at a valuation of $18 billion and intends to go public in Hong Kong

According to the South China Morning Post, citing informed sources, the AI video generation startup Kling AI, spun off from Kuaishou, is about to complete a $3 billion financing round, with a post-investment valuation reaching $18 billion, with Tencent participating in this round of investment. It is reported that this final valuation has been adjusted down from the initial target of $20 billion set in April this year.

Informed sources further pointed out that with the release of the latest AI video model driving a surge in annual recurring revenue, Kling AI plans to initiate the Hong Kong listing process within the next 12 months. The funds raised and future IPO revenue will mainly be used for infrastructure construction such as computing power and data centers, as well as recruitment and retention of talent.