Moonshot AI targets Hong Kong IPO with potential $5 billion raise

Beijing-based artificial intelligence startup Moonshot AI has reportedly filed confidentially for an initial public offering (IPO) in Hong Kong. The company is targeting proceeds between $3 billion and $5 billion, with the listing potentially occurring as early as this year.

Moonshot AI, founded by former Tsinghua University professor Yang Zhilin, is the developer of the Kimi large language model. Its latest open-weight model, Kimi K3, features 2.8 trillion parameters and has gained significant attention for its performance. The company is currently seeking a pre-money valuation of approximately $50 billion in ongoing fundraising discussions.

Bank of America is reportedly serving as the overall coordinator for the IPO, working alongside sponsors including CICC, Deutsche Bank, and Goldman Sachs. The potential listing comes amid a resurgence of technology-focused IPOs in the Hong Kong market and provides investors with significant exposure to China’s generative AI sector.