Kuaishou's Kling raises $2.8B ahead of planned spinoff

The Wall Street Journal reports that Kuaishou's AI video unit Kling raised $2.8 billion from investors as part of a planned restructuring and potential Hong Kong listing. The round could still rise to $3 billion and values Kling at $18 billion. Kling makes AI video models for movies, ads, and social-media content, competing with tools from Google, Runway, and ByteDance.

Key details: Kling raised 19.04 billion yuan, or about $2.8 billion, The round values the AI video unit at $18 billion, Kuaishou is preparing a possible spinoff and Hong Kong listing.

Why it matters: Large AI video rounds show investors still assigning platform-level valuations to creative-model businesses despite uncertain monetization.