Moonshot AI, the Chinese AI developer behind the popular Kimi chatbot, has reportedly filed confidentially for an initial public offering in Hong Kong, targeting a valuation of around $50 billion. The plans were reported by outlets including CNBC, Reuters and industry portal KrASIA.
According to those reports, the Beijing-based company aims to raise about $3 billion in the listing. The $50 billion figure refers to an ongoing pre-IPO funding round and would be many times the $4.3 billion at which Moonshot was valued in its 2025 Series C round.
Application by end of September, listing possible in 2027
Moonshot reportedly plans to submit its formal application to the Hong Kong Stock Exchange (HKEX) by the end of September, with trading expected to begin in late 2026 or the first quarter of 2027. Goldman Sachs and China International Capital Corporation (CICC) are said to be acting as underwriters. As a prerequisite for the move, the company is said to have unwound its offshore structure and redomiciled to mainland China. An official confirmation from Moonshot is still pending.
Kimi K3 and the race against DeepSeek
The driver behind the enthusiasm is the Kimi K3 model released in July, which fueled demand so strongly that Moonshot temporarily paused new subscriptions. Investors reportedly include Alibaba, Tencent, Meituan and China Mobile. In the race for China’s AI lead, however, Moonshot trails its rivals: DeepSeek is valued at around $74 billion and Z.ai (Zhipu) at roughly $66 billion.
Sources: CNBC, Business Standard (Reuters), KrASIA.
