Kuaishou Keling, making money so fast
Summary
Kuaishou is evaluating a restructuring to spin off its Keling AI video unit and may raise external financing targeting a roughly $20 billion valuation, with plans to pursue an independent IPO in 2027. Keling launched testing in June 2024, began charging users in July 2024 with tiered subscriptions, and rapidly scaled revenue — reporting single-quarter revenue of ¥340 million in Q4 2025 and ARR figures disclosed at $240M in December 2025 and over $300M in January 2026, with market claims of ~$500M ARR by April 2026. The spin-off rationale cites higher market valuations for AI businesses, the capital-intensive nature of video generation (GPUs, data, R&D), and the benefit of independent capital and talent structures. Keling has monetized earlier than many rivals and integrated into Kuaishou's advertising and commerce ecosystem, serving tens of thousands of corporate customers and driving AIGC marketing spend.