The battle in the domestic AI video generation sector is intensifying. On July 2nd, market rumors indicated that Kuaishou's AI video generation platform "Keling AI" is about to complete its first round of independent financing, with an estimated funding scale of $3 billion and an overall valuation of $18 billion. Although Kuaishou has not yet commented on the financing details, the news has sparked widespread attention in the industry.

Looking at Keling AI's recent valuation trajectory, it can be seen that market expectations have always been fluctuating and in contention. Since the initial announcement of the spin-off financing plan in May 2026, there have been numerous rumors about its valuation, ranging from an initial target of $20 billion, to later reports of $18 billion, $16 billion, and even $15 billion, with data frequently fluctuating.

Industry analysts point out that the continuous changes in valuation reflect a deep shift in the investment logic of the primary market in AI. Investors and investee companies are now engaged in a new round of negotiation over pricing power, and the market no longer simply premiums for "technical stories," but instead pays more rational attention to the reasonableness of transaction valuations and market prospects.

Beneath this capital race, Keling AI is facing a severe competitive environment, especially the impact from strong competitors such as Seedance under ByteDance, which puts the platform's market position and commercialization path to the test. For Keling AI, which is in a "long-distance running" stage, whether it can secure financing and solidify its technological barriers in the intense external competition will be key to determining its future development.