Chinese AI firm Moonshot files confidentially for Hong Kong IPO, sources say

The developer of popular AI large language model Kimi is aiming to raise US$3 billion (S$3.8 billion), one of the sources said.

Published Sep 03, 2026, 04:10 PM

Updated Sep 03, 2026, 06:51 PM

Moonshot, a Beijing-based AI start-up, has confidentially filed for a Hong Kong IPO aiming to raise US$3 billion (S$3.8 billion) and is in talks with major US cloud companies, said sources.

The company’s AI model Kimi K3, with 2.8 trillion parameters, has strong demand but faces scrutiny over alleged use of restricted technology and regulatory challenges.

Moonshot has raised over US$5.5 billion from investors like Alibaba and Tencent, and is working with banks including Goldman Sachs for the IPO, reflecting growing Chinese tech listings in Hong Kong.

HONG KONG – Beijing-based start-up Moonshot has confidentially filed for a Hong Kong initial public offering (IPO), said three people with knowledge of the plans, in what is likely to be one of the most anticipated near-term listings by a Chinese artificial intelligence (AI) company.

Moonshot’s latest version, Kimi K3, released in July, has met with positive reviews and robust demand. Sources have said the start-up is in talks with Microsoft, Amazon and Google on revenue-sharing agreements that would allow the US cloud companies to host the model.

Any deal could mark the first big revenue-sharing pact between a Chinese AI firm and a major US cloud company.

Moonshot has been valued at US$50 billion in an ongoing funding round, said two separate sources.

That puts it somewhat lower than other major domestic rivals such as DeepSeek, which sources have said is valued at roughly US$74 billion, and Z.AI, which has a market capitalisation of US$66 billion.

The timetable for the IPO is subject to regulatory approvals, and financial details, including proceeds sought, could change depending on market conditions, the sources said.

Moonshot did not immediately respond to a request for comment.

All sources for this article were not authorised to speak to media and declined to be identified.

Scrutiny in the West, major Chinese backers

An IPO from Moonshot adds to a hectic pace of fund-raising by AI companies globally.

Claude developer Anthropic is planning to launch an offering in the coming days and complete its listing by October. Among Chinese firms, Z.AI, formerly known as Zhipu, and MiniMax listed in Hong Kong in 2026.

Moonshot says while Kimi K3’s 2.8-trillion parameters make it the world’s largest open-weight model, and even as it has drawn strong demand, it has also strained the start-up’s computing capacity.

The start-up was founded in 2023 by Yang Zhilin, an AI researcher who pursued doctoral studies at Pittsburgh-based Carnegie ⁠Mellon University in the US.

The company has also drawn scrutiny from senior US officials over allegations that it used restricted Nvidia chips and distilled capabilities from Anthropic’s models.

US Treasury Secretary Scott Bessent has said he might add it to a trade blacklist.

Moonshot has disputed claims that K3’s performance was achieved through distillation.

To gain regulatory approval, Moonshot has had to unwind its offshore incorporation structure, or the so-called red-chip structure, and change it to an onshore China domicile before the IPO filing, said two sources familiar with the matter.

Moonshot investors include Alibaba, Tencent, IDG Capital and HSG, formerly Sequoia Capital China.

It also raised more than US$2 billion in May from investors including Meituan, China Mobile and ​Chinese private equity firm CPE, according to a fund-raising document seen by Reuters, bringing the company’s total fund-raising to date to more than US$5.5 billion.

The company is working with banks – including Goldman Sachs, CICC and Deutsche Bank – on the IPO, sources have said.

CICC did not immediately respond to a request for comment. Goldman and Deutsche Bank declined to comment.

Funds raised via Hong Kong listings totalled US$41.2 billion as at mid-August, up 142 per cent year on year, with Chinese technology companies accounting for most of that, LSEG data shows.

Chinese tech-focused publication LatePost first reported Moonshot’s confidential IPO filing on Sept 2 . REUTERS

Artificial Intelligence

AI/artificial intelligence

一位消息人士称，热门人工智能大型语言模型 Kimi 的开发商计划筹集 30 亿美元（38 亿新元）。

发布于 2026 年 9 月 3 日下午 4:10

更新于2026年9月3日下午6:51

据消息人士透露，总部位于北京的人工智能初创公司Moonshot已秘密提交香港IPO申请，目标是筹集30亿美元（38亿新元），并正在与美国主要云公司进行洽谈。

该公司的人工智能模型 Kimi K3 拥有 2.8 万亿个参数，市场需求强劲，但因涉嫌使用受限技术和面临监管挑战而受到审查。

Moonshot 已从阿里巴巴和腾讯等投资者那里筹集了超过 55 亿美元，并正与包括高盛在内的银行合作进行 IPO，这反映出中国科技公司在香港上市的趋势日益增长。

香港——据三位知情人士透露，总部位于北京的初创公司Moonshot已秘密提交香港首次公开募股（IPO）申请，这很可能成为近期最受期待的中国人工智能（AI）公司上市之一。

Moonshot 于 7 月发布的最新版本 Kimi K3 获得了好评和强劲的市场需求。消息人士称，这家初创公司正在与微软、亚马逊和谷歌洽谈收益分成协议，以允许这些美国云公司托管其产品模型。

任何一项协议都可能标志着中国人工智能公司与美国大型云公司之间首个大型收益分成协议。

据两位消息人士透露，Moonshot 在正在进行的一轮融资中估值已达 500 亿美元。

这使得它的估值略低于其他国内主要竞争对手，例如DeepSeek（据消息人士称其估值约为740亿美元）和Z.AI（市值达660亿美元）。

消息人士称，IPO的时间表取决于监管部门的批准，而包括募集资金在内的财务细节可能会根据市场情况而变化。

Moonshot公司尚未对此事作出回应。

本文所有消息来源均未获得媒体采访授权，并拒绝透露身份。

西方的审查，中国的主要支持者

Moonshot 的 IPO 进一步加剧了全球人工智能公司融资的繁忙节奏。

Claude 的开发商 Anthropic 计划在未来几天内启动 IPO，并于 10 月完成上市。中国公司方面，原名智普的 Z.AI 和 MiniMax 计划于 2026 年在香港上市。

Moonshot 表示，虽然 Kimi K3 的 2.8 万亿个参数使其成为世界上最大的开放权重模型，并且吸引了强劲的需求，但也给这家初创公司的计算能力带来了压力。

这家初创公司由人工智能研究员杨志林于 2023 年创立，他曾在美国匹兹堡的卡内基梅隆大学攻读博士学位。

该公司还因涉嫌使用受限的英伟达芯片和从 Anthropic 的机型中窃取功能而受到美国高级官员的审查。

美国财政部长斯科特·贝森特表示，他可能会将其列入贸易黑名单。

Moonshot否认了K3的性能是通过蒸馏实现的说法。

据两位知情人士透露，为了获得监管部门的批准，Moonshot 不得不解除其离岸注册结构（即所谓的红筹股结构），并在提交 IPO 申请前将其改为中国境内注册地。

参与“登月计划”的投资者包括阿里巴巴、腾讯、IDG资本和HSG（前身为红杉资本中国）。

据路透社看到的一份融资文件显示，该公司在5月份从美团、中国移动和中国私募股权公司CPE等投资者那里筹集了超过20亿美元的资金，使该公司迄今为止的总融资额超过55亿美元。

消息人士称，该公司正在与包括高盛、中金公司和德意志银行在内的多家银行合作进行IPO。

中金公司未立即回应置评请求。高盛和德意志银行拒绝置评。

伦敦证券交易所集团（LSEG）的数据显示，截至8月中旬，通过香港上市筹集的资金总额达412亿美元，同比增长142%，其中中国科技公司贡献了大部分资金。

中国科技媒体LatePost于9月2日率先报道了Moonshot的保密IPO申请文件。路透社

人工智能

人工智能