Z.ai

Moonshot AI's Kimi 3 is poised to be a 2–3 trillion-parameter open-weight Chinese model, aiming to close the gap with Anthropic’s Opus 4.8, while Moonshot contemplates a fresh round valuing the company around $31.5 billion after a May $2 billion raise at a $20 billion valuation.

Open-weight/open-source AI models are gaining traction in production use, led by Chinese firms, as cheaper, customizable options threaten frontier models' dominance and raise questions about where value sits in enterprise AI.

Open-source AI isn’t yet hurting Anthropic; frontier labs still capture the premium spend and Anthropic remains the dominant share of platform spend, implying a two-tier AI economy with resilience for incumbents.