Moonshot AI eyes a Hong Kong IPO within six months at a $30 billion valuation
Days after Kimi K3 rattled global markets, Bloomberg reports the lab is finalizing a round at seven times its December valuation and telling investors a listing could come in six months.
- Moonshot AI plans a Hong Kong listing in as soon as six months, Bloomberg reported, with pickups across outlets on Sunday, and is circulating a shareholder resolution to clear the path.
- A funding round being finalized could value the Kimi maker above $30 billion, nearly seven times its $4.3 billion valuation in December, with ARR at $300 million in June, up from $200 million in April, per Bloomberg's sources.
- The push follows the July 16 launch of Kimi K3, the 2.8 trillion parameter open-weight model that triggered a global tech selloff.
The lab that shook the markets on Wednesday spent the weekend preparing to list on them. Moonshot AI, the Beijing company behind the Kimi models, has told investors it plans to list on the Hong Kong Stock Exchange in as soon as six months, Bloomberg reported, with wide pickups on Sunday including The Next Web. The company is simultaneously finalizing a funding round that could value it above $30 billion, nearly seven times the $4.3 billion it commanded in December, and has circulated a shareholder resolution seeking investor approval. All the key figures trace to Bloomberg's people familiar with the matter, and Moonshot has not publicly confirmed them.
The revenue curve explains the appetite. Annual recurring revenue reached $300 million in June, up from $200 million in April and roughly $100 million in early March, per the reporting. That is a tripling in a quarter, on the strength of a model family whose latest member, the 2.8 trillion parameter open-weight Kimi K3, launched July 16, matched or beat frontier closed models on several benchmarks, and knocked equity markets sideways from Taipei to the Nasdaq.
Dismantling the VIE to get the listing
To qualify for Hong Kong, Moonshot is unwinding its offshore VIE structure in favor of a joint-venture model per Chinese regulator guidance, and The Next Web reports CICC and Goldman Sachs are in talks for underwriting roles, a detail single-sourced to that outlet. A successful listing would make Moonshot China's first major listed frontier lab, ahead of DeepSeek, which is reportedly targeting a $74 billion valuation before a STAR Market debut.
The capital markets catch up to the models
The pattern rhymes with what we saw when MiniMax raised $2 billion and SK hynix sized up a US listing: agentic AI franchises are moving from private mega-rounds toward public markets while the numbers are still vertical. Moonshot is attempting it at maximum velocity, six months from investor memo to exchange bell, with Alibaba previewing a rival flagship the same weekend. The models went public in the technical sense long ago. Now the balance sheets follow.