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The Business Model: The "Independent" Alternative

Kingsoft Cloud is often called the "third-party" cloud of choice in China. Unlike Alibaba or Tencent, which compete with their customers in e-commerce or gaming, Kingsoft Cloud remains a pure-play infrastructure provider.

The Three Pillars of Revenue in 2026:

Public Cloud Services: This is the core IaaS (Infrastructure as a Service) business. In 2026, this segment has been "AI-boosted." Instead of just selling basic storage, KC is selling "Intelligent Computing" clusters designed for heavy AI workloads.

Enterprise Cloud Services: This involves building private or hybrid clouds for big clients in government, finance, and healthcare. These are typically multi-year contracts with higher margins than public cloud services.

AI and Intelligent Computing: As of early 2026, AI-related gross billings have become the primary growth engine, representing nearly 45% of public cloud revenue.