Moonshot AI is getting ready for a major move. The Chinese AI company behind Kimi has reportedly filed for a Hong Kong IPO that would raise around USD 3 billion, but the entire process was completely confidential. The company is now valued at about USD 50 billion in a fresh funding round. The move comes as Chinese AI firms look for more money to build bigger models and take on US rivals.
Moonshot saw its value rise quickly this year, as it raised about USD 2 billion in May at a valuation of around USD 20 billion. Its yearly recurring revenue crossed USD 200 million by April, helped by paid users and demand for its API services. Its valuation later rose to around USD 30 billion before reaching about USD 50 billion in the latest funding talks.
Moonshot is best known for its large language model Kimi, which has helped the company gain a foothold in China’s busy AI market. Its newer Kimi K3 model has also attracted attention after showing strong results in several tests against major AI models.
Hong Kong has become an important market for Chinese AI companies. Zhipu AI and MiniMax have already listed there this year. Their listings also showed that investors are willing to invest heavily in the AI sector.
Moonshot, DeepSeek, Zhipu AI, and MiniMax are all taking different paths. Kimi focuses on chat tools and AI models. DeepSeek became popular for building powerful models at a lower cost. Zhipu and MiniMax are also building AI products for businesses and consumers.
Moonshot has raised substantial sums, giving it ample funds to expand. Kimi’s growing user base and API business also provide the company with a revenue stream. The planned USD 3 billion IPO will put Moonshot in the spotlight. Its fast-growing value and Kimi models have already attracted attention.