Kimi's low-cost model revenue contribution surpasses K3, annualized revenue has reached $1.2 billion

Beating AI News Flash: According to a Nomura report, Moonshot AI (Kimi)'s annualized recurring revenue (ARR) in September is estimated to have reached $1.2 billion. Bloomberg previously reported that Kimi's ARR had surpassed $1 billion in August, with a year-end target of $2 billion.

Even more surprising is that K2.8 Preview, which only launched on September 11, is estimated to have contributed about 40%–45% of ARR, surpassing the flagship K3's 30%–35%. K2.8 Preview is priced lower and mainly targets coding and everyday Agent tasks.

However, the flagship model still has higher gross margins. Experts estimate that K3's gross margin is about 35%–40%, while lower-priced models such as K2.8 Preview are around 20%–25%. API is Kimi's largest revenue source, with overseas markets contributing more than half.