Beijing-based Moonshot AI, maker of the Kimi chatbot, confidentially filed for a Hong Kong IPO on September 3, targeting roughly $3 billion at a valuation of up to $50 billion. That is a sharp jump from the roughly $30 billion valuation the company reached in a funding round just last month.
The catalyst is Kimi K3, a 2.8-trillion-parameter open-weight model released in July that Moonshot says is now straining its computing capacity. The company raised more than $2 billion from Meituan, China Mobile and CPE in its latest round, pushing total funding past $5.5 billion, and is reportedly in talks with Microsoft, Amazon and Google over possible revenue-sharing deals. Goldman Sachs, CICC and Deutsche Bank are working on the offering, which could launch by year-end.
Hong Kong IPOs have raised $41.2 billion so far in 2026, up 142% year over year, and Moonshot's leap puts it alongside rivals DeepSeek (around $74 billion) and Z.AI (around $66 billion) in a wave of Chinese AI labs racing to tap public markets.