Kwai's Keling AI is about to complete a round of independent financing of more than $3 billion, with a post investment valuation of $18 billion. Middle Eastern background funds plan to lead the investment, with potential investors such as Tencent, Alibaba, and Sequoia on the list. Ke Ling AI is expected to complete its restructuring and share reform in 2026, and submit its listing application in early 2027. The total revenue of Kwai in the first quarter of 2026 is 33.7 billion yuan, and the adjusted net profit is 3.37 billion yuan. In the face of the computing infrastructure expenditure of the industry giants from US $1000000000000 to US $2000000000000, Kwai will have an annual revenue of 142.8 billion yuan in 2025 and an estimated capital expenditure of 26 billion yuan in 2026. After Zhang Di, the former technical leader of Ke Ling, resigned and returned to Alibaba, he launched Happy Horse 1.0, which topped the Artificial Analysis chart on the double track and surpassed Ke Ling 3.0.