Moonshot AI confidentially files for Hong Kong IPO, targets $3B raise at $50B valuation
Moonshot AI, the maker of Kimi, confidentially filed an A1 application with the Hong Kong Stock Exchange on September 4, planning a $3B raise at a $50B valuation and cloud revenue-sharing talks with Microsoft, Amazon, and Google.
Moonshot AI, the maker of the Kimi chatbot, confidentially filed an A1 listing application with the Hong Kong Stock Exchange on September 4. Three people with knowledge of the plans told Reuters the company is aiming to raise around $3 billion at a $50 billion valuation, with Goldman Sachs and CICC among the banks working on the deal. The filing marks a key step for the three-year-old company toward a Hong Kong listing.
The reports note that Moonshot is in talks with Microsoft, Amazon, and Google on cloud-service revenue-sharing agreements that would let those US cloud companies offer Kimi. Any deal would mark the first major revenue-sharing pact between a Chinese AI firm and a major US cloud provider. Moonshot's flagship Kimi K3, released in July with 2.8 trillion total parameters, has been positioned as the world's largest open-weight model.
The valuation curve shows Moonshot at roughly $4.3 billion at the end of 2025, breaking $20 billion in May, hitting $35 billion after the July Series F, and targeting a $50 billion pre-money valuation for the pre-IPO round in September. Both Z.AI (Zhipu) and MiniMax completed Hong Kong IPOs earlier in 2026, raising $558 million and $711 million respectively. Moonshot declined to comment on the market rumors, saying it had no information to disclose at present.