Moonshot eyes Hong Kong IPO at $30B valuation

Moonshot AI is preparing for a Hong Kong IPO within six months, according to Bloomberg, in a move that could value the startup at more than $30 billion. The company has circulated a shareholder resolution to secure support for the listing and is also finishing a fundraising round at that valuation.

The timing has been helped by a sharp rise in revenue. Annual recurring revenue reached $300 million in June, up from $200 million in April. Last week, Moonshot also launched Kimi K3, a 2.8-trillion-parameter open-weight model that the source says matched or beat Anthropic’s Fable 5 and OpenAI’s GPT-5.6 on several benchmarks.

Bloomberg reported that Moonshot had already been preparing to go public before K3 launched, but the model’s reception appears to have strengthened the case. TNW says the release pushed global tech stocks lower and prompted former White House AI czar David Sacks to call it “concerning.” Artificial Analysis also ranked K3 ahead of Anthropic’s Opus 4.8 on some frontier benchmarks, making it the first Chinese open-weight model to reach that level.

Moonshot is now unwinding its offshore VIE structure, a step needed for an easier Hong Kong listing under the CSRC’s revised rules. TNW reported in May that the company had dropped the VIE waiver route after it became clear Beijing would not grant an exemption. CICC and Goldman Sachs are in talks to work on the deal.

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The company was co-founded by Yang Zhilin, a former Tsinghua professor who previously worked at Meta and Google. Moonshot sells tiered chatbot subscriptions and enterprise API access, and recently launched Kimi Work, a general-purpose AI agent.

Its revenue still trails Z.AI, which is on track for $1 billion in annual sales, while DeepSeek is targeting its own IPO in 2027. If Moonshot gets there first, it could set the public-market valuation benchmark for Chinese AI.