'Kimi K3' developer Moonshot AI files for Hong Kong IPO, seeks to raise $4 billion

[Financial News] Moonshot AI, a Chinese AI startup known for its high-performance artificial intelligence (AI) model Kimi K3, has reportedly filed a confidential application to list on the Hong Kong Stock Exchange.
The company plans to raise $3 billion through an initial public offering (IPO), equivalent to approximately 4.1 trillion won.
According to the Hong Kong-based South China Morning Post (SCMP) and other outlets on the 4th, Moonshot AI recently submitted a confidential listing application for an IPO to the Hong Kong Stock Exchange.
Citing sources familiar with the matter, SCMP reported that Moonshot AI is targeting a Hong Kong listing as early as the first quarter of next year. However, the specific timing could change depending on regulatory approval and market conditions.
Moonshot AI is reportedly aiming to raise $3 billion through the IPO. The company is currently valued at approximately $50 billion, or about 67.6 trillion won.
Moonshot AI drew attention in July when it unveiled Kimi K3, a model with 2.8 trillion parameters. Kimi K3 has attracted attention both in China and overseas, establishing itself as Moonshot AI's flagship AI model.
Moonshot AI is also reportedly negotiating revenue-sharing arrangements with Microsoft, Amazon, and Google to deploy Kimi K3 on their cloud services.
Foreign media reported that, if the negotiations succeed, the arrangement could become the first major revenue-sharing partnership between a Chinese AI company and leading U.S. cloud providers.
Founded in 2023, Moonshot AI has received investments from Alibaba Group, Tencent, IDG Capital, and Meituan. Its cumulative funding to date is reportedly more than $5.5 billion.
Moonshot AI is working with Goldman Sachs, China International Capital Corporation (CICC), and Deutsche Bank on the IPO.


[email protected] Lee Seok-woo, international affairs specialist Reporter