Chinese start-up Moonshot AI has raised at least $700 million in a new funding round. This boost could push its valuation up to $12 billion, nearly tripling its previous $4.3 billion worth. The round was led by existing investors like Alibaba Group, Tencent Holdings, Andon Hong Kong, and 5Y Capital, a source told Reuters. Moonshot's latest AI models, known as Kimi, are gaining strong demand overseas. For the first time, the company's revenue from overseas sales exceeded that from China, thanks to a fourfold increase in paid users abroad after launching K2.5 in late January. The start-up also expanded globally by launching "Kimi Claw" on Monday. This service offers users access to the popular open-source AI agent "OpenClaw" through Moonshot's platform. However, the funding round is still open, so it is unclear if the $12 billion valuation will be met. Moonshot's main domestic rivals, Beijing's Zhipu AI and Shanghai's MiniMax, have seen their market values soar recently after their Hong Kong public listings in January, reaching $29 billion and $34 billion respectively.