Chinese AI lab Moonshot AI is targeting $2 billion in annualized revenue by the end of 2026, according to a Bloomberg report. That would double the company’s reported August run rate and follows strong adoption of its open-weight K3 model since the summer.
OpenRouter data shows K3 models generating as many as 300 billion tokens per day on the routing service, although usage has declined slightly in recent months. Moonshot’s target remains far below reported annualized revenue of roughly $40 billion for OpenAI and more than $65 billion for Anthropic. Its economics also differ because users can download K3’s weights and run them elsewhere, limiting the revenue captured from every use and producing lower margins than a fully closed service.
The company’s growth narrative is complicated by an unresolved training dispute. Anthropic recently accused Moonshot of routing nearly 300,000 Kimi requests to Claude Opus and collecting more than 23 million Anthropic responses for model training. Those are Anthropic’s allegations, not findings from a court or regulator. The revenue number is also a target rather than booked sales, but it indicates that an open-weight lab sees a substantial commercial market alongside freely available models.