Chinese artificial intelligence startup Moonshot AI has halted new subscriptions to its Kimi K3 model after demand overwhelmed its computing resources, the company said on July 19, just two days after the model's debut. Moonshot stated it will prioritise existing subscribers while accelerating capacity expansion.
Released on July 17, Kimi K3 features 2.8 trillion parameters and supports a context window of one million tokens, making it the world's largest open-weight AI system. The company claims the model has outperformed GPT-5.6 Sol and Claude Fable 5 on certain benchmarks, including the Arena ranking.
The pause comes as Moonshot prepares a potential Hong Kong listing, having engaged Goldman Sachs and China International Capital Corporation while unwinding its offshore structure. The firm raised more than $2 billion in May 2026 from investors including Meituan and China Mobile, bringing total funding above $5.5 billion, and is seeking up to $2 billion in fresh capital at a $30 billion valuation.