Moonshot AI has completed its final private funding round at a valuation of approximately $50 billion and is preparing for a Hong Kong initial public offering in the first quarter of 2027, according to Bloomberg5,6.
The Chinese AI startup plans to begin informal "early-look" meetings with institutional investors as soon as October 2026 to gauge demand4. Moonshot AI is considering raising up to $5 billion through the offering. The company has already filed a confidential listing application with the Hong Kong Stock Exchange.
The $50 billion figure represents a sharp increase from the $31.5 billion valuation Moonshot AI carried during a fundraising round over the summer. The company's annualized recurring revenue jumped from $300 million in June to $1 billion at the time of reporting, and Moonshot AI projects that figure will reach $2 billion by December. Sales more than tripled in six months.
China International Capital Corp., Deutsche Bank, and Goldman Sachs are serving as underwriters for the listing.
Moonshot AI unveiled its open-weight model Kimi K3 on September 27. A Chinese data security probe targeting Moonshot AI remains a variable that could affect the IPO timeline.
The listing push comes days after OpenAI accused Moonshot AI-linked users of firing 16,000 requests at OpenAI's models in what OpenAI described as a coordinated campaign to extract reasoning data[2]. ANALYSIS A $5 billion public offering would test whether the distillation allegations and the ongoing data security probe weigh on institutional appetite or whether Moonshot AI's revenue trajectory overrides those concerns.
If completed, the deal would be among the largest AI-sector IPOs globally and would extend a wave of Chinese AI companies entering public capital markets.