Moonshot AI plans Hong Kong IPO within six months at a $30 billion-plus valuation

Moonshot AI is preparing to list on the Hong Kong Stock Exchange within roughly six months at a valuation that could top $30 billion, according to people familiar with the plans. The three-year-old Chinese startup has circulated a shareholder resolution seeking approval for the listing.

The move follows the July 16, 2026 release of Kimi K3, Moonshot’s 2.8-trillion-parameter open-weight model, whose reception has reset the company’s trajectory. A $30 billion-plus valuation would be roughly seven times the $4.3 billion the startup was worth in December 2025.

The financials behind the push have moved fast, the people said. Annual recurring revenue reportedly reached about $300 million in June, up from around $200 million in April. CICC and Goldman Sachs are said to be in talks to work on the offering, and Moonshot is dismantling its offshore variable interest entity, or VIE, structure, a step tied to Chinese regulators’ rules for Hong Kong listings.

Kimi K3, released as open weights with a one-million-token context window, is the engine of the story. Moonshot said the model matched or beat rivals on several benchmarks, claims not independently verified; the launch reportedly triggered selloffs in Chinese AI peers including Z.ai and MiniMax Group.

None of the listing plans are confirmed by Moonshot, and no timetable or price range has been set. A six-month window would be aggressive for a company still unwinding its corporate structure, and fundraising talks can slip or reprice.

The test is whether the revenue run-rate holds long enough to carry a public listing at a valuation this size.