Moonshot AI Explores Dual Hong Kong, Shanghai IPO at ~$50B
TL;DR
- Moonshot AI has filed confidentially for a Hong Kong IPO and is targeting a listing as early as the first quarter of 2027.
- A final pre-IPO financing round could value the Kimi K3 maker at around US$50 billion, according to SCMP sources.
- The company is also weighing a subsequent listing on Shanghai's STAR Market, joining rivals Z.ai and MiniMax in that queue.
Moonshot AI, the Beijing startup behind the Kimi K3 model, is exploring dual listings in Hong Kong and on Shanghai's STAR Market to widen its capital base, the South China Morning Post reported, citing two people familiar with the matter.
The company has already filed confidentially for its Hong Kong debut and is targeting a listing as early as the first quarter of 2027. A final pre-IPO round could value the firm at around US$50 billion. Moonshot met with financial backers in July 2026 to negotiate the arrangements, and Reuters, cited in follow-on coverage of the plan, put the Hong Kong raise at $3 billion.
The Shanghai leg reads as a hedge. Per SCMP's sources, the pivot 'may stem from the weaker market performance of AI stocks in Hong Kong, and because too many firms had applied to list in the city.' Talks with the STAR Market could begin soon.
Rivals Z.ai and MiniMax are also pursuing STAR Market listings, joining a queue that includes DeepSeek and Yangtze Memory Technologies. It fits a wider run of Chinese AI capital-raising our feed has been logging this quarter, one of 348 China AI stories we've tracked in the last 90 days.
Originally reported by scmp.com
Read the original article →Original headline: Moonshot AI Explores Dual Hong Kong and Shanghai IPOs at ~$50B, Files Confidentially for Q1 2027 HK Debut