Kimi is Moonshot AI's long-context assistant, built around a series of open-weight Mixture-of-Experts models. The newest flagship, Kimi K3 (released July 16, 2026), is a 2.8-trillion-parameter model with native multimodal (text/image/video) understanding, always-on "thinking mode," and a 1-million-token context window — currently the largest open-weight model released to date. API pricing for K3 is $3 per million input tokens and $15 per million output tokens (with a discounted $0.30 cache-hit rate). Earlier generations (K2.5, K2.6) remain available at lower cost and power the consumer Kimi app and Kimi Code CLI, an open-source terminal coding agent. Moonshot is backed by Alibaba and Tencent and has raised roughly $2B+ at a valuation climbing toward $20B.