Moonshot AI prepares Hong Kong IPO after Kimi K3 surge

Business Jul 20, 2026

Moonshot AI, one of China's leading AI companies, is gearing up for a massive IPO in Hong Kong within the next six months.

This move comes right after its new Kimi K3 model made waves, potentially pushing its valuation to over $30 billion from $20 billion in May.

The company has already started the process with shareholders and is finalizing fresh funding.

Moonshot ARR $300 million subscriptions paused

Since launching last week, the Kimi K3 model has outperformed most rivals (except Anthropic's Claude Fable 5 and OpenAI's GPT-5.6);

Moonshot's annual recurring revenue reached $300 million in June, up from $200 million in April.

Daily sales shot up six times, forcing a pause on new subscriptions.

The hype also triggered a semiconductor selloff on Friday that dragged crypto down with it.