According to ChainCatcher, Nomura Securities reported that Moonshot AI’s Kimi is estimated to have achieved an annualized recurring revenue of $1.2 billion in September. Bloomberg previously reported that Kimi’s annualized recurring revenue had already surpassed $1 billion in August, with a year-end target of $2 billion. The K2.8 Preview, launched on September 11, is estimated to contribute approximately 40%–45% of the annualized recurring revenue, surpassing the flagship model K3’s 30%–35%. K2.8 Preview is priced lower and primarily targets programming and everyday agent tasks. Experts estimate that K3 has a gross margin of approximately 35%–40%, while lower-priced models like K2.8 Preview have a gross margin of around 20%–25%. API services are Kimi’s largest revenue source, with overseas markets accounting for more than half of total revenue.
Kimi's Low-Price Model K2.8 Preview Outperforms K3 in Revenue Contribution
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Summary
According to a Nomura Securities report, Kimi's K2.8 Preview outperformed the K3 model in revenue contribution in September. The lower-priced model, targeted at programming and daily agent tasks, is estimated to account for 40%–45% of Kimi’s $1.2 billion in annualized recurring revenue. API services remain the primary revenue driver, with overseas markets contributing more than half. Traders monitoring altcoins to watch may note Kimi’s performance in the daily market report.
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