The video was posted to r/InterdimensionalNHI by u/FrankMurphys, under the title:
Video taken in Alaska of a strange jellyfish object. (Kite?)

The Reddit uploader also linked to what they identified as the original Facebook video.

Reddit user, u/AdIllustrious705, commented:

Original Reddit comment
The commenter included a video of an octopus-style kite, demonstrating that commercially available kites can produce a similar silhouette with numerous trailing tentacles.

Reddit user u/ImaRaginCajun initially argued that the object could not be a kite, citing the apparent wind conditions, altitude and surrounding trees.
The user subsequently edited their comment to state:

Original Reddit comment

I believe the reference to Rabbit Creek Road is a location error.
My separate geolocation investigation identifies the Alaska Geological Materials Center in the footage. Based on the building's position and the camera's field of view, i think the actually location is 61°12'58.17"N 149°48'58.04"W,the Planet Fitness, 3101 Penland Pkwy, Anchorage, AK 99508. I also think that Russian Jack Fields appears a substantially more plausible kite-launch location.

using the building signage, car park lights and the distinctive leaning post on the right above I was able to create an approx. FOV and location

I think that location matches well with the overall video and above still regarding the mountain skyline

I had to play around with the dates and exact location due to cloud cover mainly.
The location and observer FOV/ heading aligns well with Russian Jack Springs Park.

The Alaskiters local kite-flying group's interactive map explicitly identifies Russian Jack Fields as a kite-flying location, with the qualification that the fields are usable when no games are being played.

An interesting comparison comes from a July 2021 incident in Colorado Springs, Colorado, investigated by local television station KKTV 11 News.
The station originally reported receiving footage from a viewer showing:

Following the broadcast, the station published an update:

According to the report, Johnathan identified the object as an approximately eight-metre-long octopus kite that he had acquired at a trade show and enjoyed flying recreationally.
This provides a documented example of an unusual, tentacled object initially attracting public attention before being identified through direct contact with its owner. It offers a useful comparison because its reasonable close (3000miles), the footage matches in regrading the tentacles and the kite explanation was confirmed by the person responsible for the object.

Source: KKTV 11 News, Tony Keith, July 26, 2021, updated July 28, 2021.

What is it!? Mysterious object caught on video above Colorado Springs