Moonshot plans to list in Hong Kong within six months at a $30 billion valuation

Moonshot AI is preparing a Hong Kong IPO within six months at a valuation exceeding $30 billion. Annual recurring revenue reached $300 million in June, up from $200 million in April. The timeline was accelerated by the release of Kimi K3, a 2.8-trillion-parameter open-weight model that matched or exceeded Anthropic and OpenAI frontier models on several benchmarks — the first Chinese open-weight model to reach that level. CICC and Goldman Sachs are in talks to lead the offering. Moonshot is also dismantling its offshore VIE structure to comply with CSRC rules for a Hong Kong listing. The IPO would be one of the largest Chinese AI listings on record, and positions Moonshot ahead of DeepSeek, which is targeting a 2027 listing.