Kling Raised Almost $3 Billion. It's Still Losing More Than It Makes.
Kuaishou's own regulatory filing on Kling's record-setting round discloses more than the valuation headlines did — including a 2025 net loss bigger than the year's revenue, and a five-year IPO backstop where press coverage said twelve months. What that does and doesn't say about whether AI video's enterprise-first bet is working.