Key Takeaways:
- Moonshot AI notified investors to restructure for a Hong Kong IPO
- The listing could happen within six months, 36Kr reported
- The startup recently launched Kimi K3, a 2.8-trillion-parameter open-weight model
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Moonshot's Kimi prepares for Hong Kong IPO within 6 months
Moonshot AI told investors to restructure for a Hong Kong IPO that could happen within six months, 36Kr reported.
The Beijing-based startup, backed by Alibaba Group Holding Ltd. and Tencent Holdings Ltd., was seeking about $2 billion in fresh funding at a roughly $30 billion valuation ahead of a potential Hong Kong listing, Bloomberg reported earlier this year.
Moonshot earlier this month released Kimi K3, a 2.8-trillion-parameter open-weight model it said matches the performance of Anthropic's Claude Fable and OpenAI's GPT-5.6. The model topped the Arena coding leaderboard with 1,679 points, pushing Claude Fable 5 into second place. Moonshot charges $3 per million input tokens, compared with $10 for Fable 5.
A successful listing would give Moonshot access to deeper capital markets as Chinese AI startups race to close the gap with US rivals. The IPO would test investor appetite for Chinese AI names after DeepSeek's January surprise triggered a $589 billion single-day loss for Nvidia.
The company has not disclosed the proposed ticker, offer price, deal size, or lead underwriters for the listing. Moonshot's corporate restructuring signals the startup is moving toward a formal filing with the Hong Kong Stock Exchange, though the timeline remains preliminary.
The IPO preparation comes as Chinese AI companies accelerate model releases and narrow the performance gap with leading US developers. Moonshot's Kimi models have ranked among the largest open-weight systems for nine of the past 12 months, the company said.
The listing would give Moonshot a public currency to fund further model development and compete for talent against well-capitalized rivals including Zhipu AI and MiniMax. Investors will watch for the formal filing, which would disclose the valuation and underwriter lineup.
This article is for informational purposes only and does not constitute investment advice.
[1] Kimi is expected to be listed on the Hong Kong Stock Exchange within 6 months at the earliest[2] Kimi K3 explained: Inside Moonshot’s biggest AI bet yet[3] China’s Kimi K3 Hits US Stock Markets. Is the American AI Boom Over?[4] China's Moonshot AI releases AI model to compete with U.S. AI systems[5] Moonshot AI’s Latest Model Dings Tech Stocks. We’ve Seen This Story Before.
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