Shipped Early

Kimi K3 open weights landed a day early

Moonshot AI released the full model on July 26, beating its own July 27 target.

The Scale

2.8 trillion parameters, 104B active

A mixture of experts design fires 16 of 896 experts per token, with a 1 million token context window.

The Benchmarks

Ahead of every other open model

It scored 88.3 on Terminal-Bench 2.1 and 67.5 on DeepSWE, trailing only Claude Fable 5 and GPT-5.6 Sol.

The Catch

The license is not MIT this time

Companies above 20 million dollars in annual revenue need a separate deal before running it in production.

The Business

300 million in revenue and an IPO ahead

Moonshot is reportedly raising at a 50 billion dollar valuation, with a Hong Kong listing possible this year.

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Every benchmark, the license terms and the political scrutiny in the complete article.