Moonshot files $3B Hong Kong IPO for Kimi language model
Business
Moonshot, a Beijing-based AI startup behind the popular Kimi language model, just filed for a $3 billion IPO in Hong Kong.
If it goes through, this could be the first time a Chinese AI company teams up on revenue-sharing with big US cloud players like Microsoft, Amazon, or Google.
Moonshot valued $50B, raised over $5.5B
Moonshot is valued at $50 billion and has raised over $5.5 billion from backers like Alibaba and Tencent, but still trails rivals DeepSeek and Z.AI.
The IPO is being handled by Goldman Sachs, CICC, and Deutsche Bank.
Moonshot has also moved its registration to mainland China to meet regulations and has disputed claims that K3's performance was achieved through distillation.
The listing will depend on regulatory approval and market conditions.