Moonshot AI Files Confidential Hong Kong IPO Targeting $3 Billion
Beijing-based artificial intelligence startup Moonshot AI has confidentially filed for an initial public offering (IPO) on the Hong Kong stock exchange, aiming to raise up to $3 billion. The company is currently valued at approximately $50 billion and plans to redomicle in mainland China as part of its preparation for listing. Moonshot's Kimi K3 model has 2.8 trillion parameters and is claimed by the firm to be the largest open-weight AI model globally. It recently secured over $2 billion in funding, bringing total fundraising past $5.5 billion. The company reported annual recurring revenue of $300 million as of June. The IPO could rank among Hong Kong's largest offerings this year and comes amid a surge in tech listings in the region. However, Moonshot faces scrutiny from U.S. officials over allegations that it used restricted Nvidia chips to train its models.
Topics: AI startups Hong Kong stock exchange IPO