The Open Frontier
An open model has reached the frontier. On 16 July 2026, Moonshot AI released Kimi K3 — a 2.8-trillion-parameter open-weights model that trades blows with the leading American systems. This rapid-response Special Report treats it as the second “Sputnik moment” in eighteen months, weighing the windfall for buyers of intelligence against the harder question it poses to an economy built on the premise that frontier capability stays scarce and dear.