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Kuaishou's Kling AI Closes a Record 19.8 Billion Yuan Funding Round

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description: Kuaishou Kling AI closed a record 19.8 billion yuan round (about 2.97 billion US dollars) at an 18 billion US dollar valuation, with an IPO deadline of October 30, 2031.

Kuaishou announced that its video-generation business Kling AI has completed the handover of 19.8 billion yuan (about 2.97 billion US dollars) in external capital increase, the largest single financing round in the video-generation model track. The post-money valuation reaches roughly 18 billion US dollars, and a built-in IPO clause sets a hard deadline for the business to reach the public market.

Kling AI funding infographic

Deal Terms

The financing plan was prepared for about half a year and carried a hard constraint from the start.

  • External capital increase: 19.802 billion yuan (about 2.97 billion US dollars).
  • Post-money valuation: approximately 18 billion US dollars.
  • Investor roster led by CPE Source Peak, National Fang Venture, BlueFive, Tencent, CITIC Securities, and Zhongguancun Science City Fund; participants include Tencent Cloud, Baidu, Huace, and Mango industrial capital.
  • 21 initial investor institutions signed the agreement on July 2; the subscription cap of 20.447 billion yuan was later filled.

The IPO Trigger

The deal embeds an explicit public-market deadline.

  • If Beijing Kling fails to complete an IPO by October 30, 2031, investors may demand a buyback at 8% annual simple interest.
  • The clause effectively acts as a countdown for Kling to reach the public market rather than remain inside Kuaishou.

Why It Matters

The round shows how closely model companies and compute suppliers are binding at the capital level.

  • Moori, a domestic GPU maker, subscribed 100 million yuan for a 0.08% stake through its subsidiary, the first time it joined Kling's cap table.
  • It signals intensifying competition in China's frontier-model financing, where rounds grow larger and link more directly to infrastructure.

Key Data Points

  • 19.802 billion yuan external capital increase (about 2.97 billion US dollars)
  • approximately 18 billion US dollars post-money valuation
  • 21 initial investor institutions
  • IPO deadline October 30, 2031, or 8% annual simple-interest buyback
  • largest single round in the video-generation model track

Sources: NetEase, threerouter

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