Moonshot AI reportedly seeks final pre-IPO round at up to $50 billion valuation

Moonshot AI, the Beijing startup behind the Kimi model family, is reportedly in talks for a final pre-IPO round targeting a pre-money valuation of up to $50 billion, ahead of a planned Hong Kong listing.

The reported figure marks a sharp step up from the company’s earlier fundraising. Moonshot is separately said to be close to finalizing a round begun this summer at a $31.5 billion valuation. Talks on the larger pre-IPO round are expected to start around August, according to people familiar with the matter.

The valuation, if it holds, would place Moonshot among the most valuable of China’s large-model startups. The company has ridden fast revenue growth, reaching a reported $300 million in annualized recurring revenue in June, a jump reporting attributes to demand for its Kimi models.

Moonshot was founded in 2023 by Yang Zhilin. Existing investors include Meituan, Tencent, IDG Capital, China Mobile and the Beijing AI Industry Investment Fund.

None of the figures is confirmed by Moonshot, which has not publicly commented on the pre-IPO round or the listing timetable. Valuations floated during private talks routinely move before a round closes, and a Hong Kong listing would still face regulatory review and market-timing risk. A doubling of the valuation target in a matter of weeks – from about $31.5 billion to as much as $50 billion – is the kind of gap that tends to narrow once terms are signed.