Kuaishou (1024) is planning to raise over US$2 billion (HK$15.6 billion) for its video generation model, Kling AI, at a post-money valuation exceeding US$18 billion, Bloomberg reported.
Initially, the Chinese tech firm targeted raising more than US$20 billion from investors, but later lowered the amount to match market appetite, according to the report.
General Atlantic is in discussion with Kuaishou to lead Kling AI's first round of financing - a rare move amid the ongoing US-China tech rivalry, the report said.
The US private equity firm, renowned for its early investments in Meta and Uber Technologies, is also an early investor in ByteDance, a key competitor of Kuaishou.
Earlier this month, Kuaishou said that it was seeking external financing and an independent listing for Kling AI. It reportedly plans to go public in Hong Kong in early 2027.
