Moonshot AI considers Hong Kong IPO at $50 billion valuation

Moonshot AI has completed what people familiar with the matter describe as its final private fundraising round at a valuation of about $50 billion and is considering a Hong Kong initial public offering in the first quarter of 2027 that could raise as much as $5 billion. The listing is a plan, not a completed or publicly confirmed offering, and its timing may change as deliberations continue. The reported valuation is up from $31.5 billion in a funding round this summer. The company, which develops the Kimi chatbot, has also begun preparing to gauge investor interest through early meetings that could start as soon as October, according to people familiar with the discussions. Those people said Moonshot’s annual recurring revenue was about $1 billion, compared with $300 million in June, and was expected to reach $2 billion by December. The December figure is a forecast, not a reported result. The figures and IPO plans have not been confirmed by Moonshot through public financial disclosures in the reports.