Moonshot said to eye Hong Kong IPO in early 2027 after value hits US$50 billion
The Chinese AI champion is reportedly considering raising up to US$5 billion in the deal
Chinese AI giant Moonshot AI is reportedly planning to raise up to US$5 billion in an initial public offering (IPO) in Hong Kong, targeting a valuation of approximately US$50 billion, according to sources familiar with the matter. The company recently completed its latest private fundraising round, which valued Moonshot at about US$50 billion.
The IPO is slated to take place in early 2027, with groundwork underway to gauge investor sentiment starting as early as October. Moonshot, one of China’s most prominent AI players, gained global attention in July with the release of its open model, Kimi K3, which competes closely with industry leaders like OpenAI’s ChatGPT and Anthropic.
The IPO is expected to be one of the most anticipated deals in Hong Kong, where fundraising in the AI sector is setting new records. The company is considering a valuation of up to US$5 billion, although the IPO timeline may be influenced by tighter oversight of China's AI sector following a data-security probe into competitors DeepSeek and Moonshot.
Moonshot's valuation has steadily increased through several fundraising efforts, reaching US$31.5 billion in a previous round this summer. The company's annual recurring revenue (ARR) is projected to reach US$2 billion by December, up from the current US$1 billion. Moonshot, founded by Yang Zhilin in 2023, has secured backing from Alibaba, Tencent, and 5Y Capital.
The company has enlisted Bank of America, China International Capital, Deutsche Bank, and Goldman Sachs as coordinators and sponsors for the transaction. Moonshot has filed for the IPO confidentially.
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