TLDR
- Moonshot has confidentially filed for a Hong Kong IPO, aiming to raise $3 billion
- The company is valued at $50 billion in its latest funding round
- Its Kimi K3 model is claimed to be the world’s largest open-weight model with 2.8 trillion parameters
- Moonshot is in talks with Microsoft, Amazon, and Google on revenue-sharing agreements
- The company faces scrutiny from U.S. officials over allegations of using restricted Nvidia chips
Chinese AI startup Moonshot has confidentially filed for a Hong Kong initial public offering, according to three sources familiar with the plans. The Beijing-based company is looking to raise around $3 billion from the listing.
MOONSHOT AI FILES CONFIDENTIALLY FOR HONG KONG IPO
Chinese AI startup Moonshot, developer of the Kimi model, has confidentially filed for a Hong Kong IPO and is targeting roughly $3B in proceeds, per Reuters.
The company is being valued at about $50B in an ongoing funding… pic.twitter.com/k6xz7B7RTJ
— Wall St Engine (@wallstengine) September 3, 2026
Moonshot develops the Kimi large language model. Its latest version, Kimi K3, was released in July and has seen strong demand since launch.
The company is currently valued at $50 billion in an ongoing funding round. That places it below rivals DeepSeek, valued at around $74 billion, and Z.AI, which has a market cap of $66 billion.
Goldman Sachs, China International Capital Corporation, and Deutsche Bank are working with Moonshot on the offering. The timing and final size of the IPO remain subject to regulatory approval and market conditions.
Kimi K3 and Computing Pressure
Moonshot says Kimi K3’s 2.8 trillion parameters make it the world’s largest open-weight model. The company has said strong demand for the model has strained its computing capacity.
Moonshot is in talks with Microsoft, Amazon, and Google on revenue-sharing deals that would let the U.S. cloud companies host the model. If completed, this would be the first major revenue-sharing agreement between a Chinese AI firm and a large U.S. cloud provider.
The company was founded in 2023 by Yang Zhilin, who studied at Carnegie Mellon University.
U.S. Scrutiny and Regulatory Steps
Moonshot has faced scrutiny from senior U.S. officials. Allegations include using restricted Nvidia chips and distilling capabilities from Anthropic’s models. U.S. Treasury Secretary Scott Bessent has said he might add the company to a trade blacklist.
Moonshot has disputed the claims about Kimi K3 being built through distillation.
Before filing for the IPO, Moonshot unwound its offshore incorporation structure and moved its domicile to mainland China. Two sources said this was required before the filing could proceed.
Moonshot’s investors include Alibaba, Tencent, IDG Capital, and HSG, formerly known as Sequoia Capital China. In May, the company raised more than $2 billion from investors including Meituan, China Mobile, and private equity firm CPE. Total fundraising to date stands at more than $5.5 billion.
Hong Kong listings have seen strong activity. Funds raised via the exchange totalled $41.2 billion as of mid-August, up 142% year-on-year. Chinese technology companies have driven most of that growth.
Moonshot has not publicly confirmed the IPO filing. Anthropic, which develops the Claude AI model, is also planning a public listing and aims to complete it by October.
The listing timeline remains subject to regulatory approval, and financial details could change based on market conditions.
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