Moonshot AI Confidentially Files for Hong Kong IPO Targeting $3 Billion at ~$50 Billion Valuation

Beijing-based Moonshot AI, developer of the Kimi chatbot and Kimi K3 model, confidentially submitted an A1 application to the Hong Kong Stock Exchange on September 3, according to people familiar with the plans, seeking to raise roughly $3 billion. The filing values the company at approximately $50 billion in its ongoing funding round — more than double the $20 billion valuation of its May 2026 raise led by Meituan. Kimi K3, launched in July 2026 with 2.8 trillion parameters, is billed by Moonshot as the largest open-weight model in the world. Founded in 2023 by Yang Zhilin, Moonshot said it had no comment on the report and no information to disclose. The IPO is expected to proceed within about six months; if completed it would rank among the largest Chinese AI listings to date, following Unitree Robotics' Shanghai STAR Market debut on August 19 and CXMT's blockbuster Shanghai IPO in July.