DeepSeek and Moonshot AI prepare for upcoming IPOs

Leading Chinese artificial intelligence firms DeepSeek and Moonshot AI are preparing for initial public offerings (IPOs) to secure capital and expand their operations.

DeepSeek is reportedly targeting a listing on the Shanghai STAR Market, often referred to as the ‘Chinese Nasdaq,’ potentially as early as this year. The company has engaged Citic as an underwriter and is finalizing a funding round that could value the firm at over $74 billion.

Moonshot AI, the developer of the Kimi K3 model, has filed confidentially for an IPO in Hong Kong, with a target debut in early 2027. The Beijing-based company is also exploring the possibility of dual listings in both Hong Kong and Shanghai to increase market exposure. Moonshot is currently undergoing a final financing round that could place its valuation near $50 billion.

These moves reflect intensifying competition within the Chinese AI sector and a broader trend of high-profile technology listings in mainland China, following recent activity from firms such as Zhipu AI and MiniMax.