Moonshot AI Plans Hong Kong IPO After Kimi K3 Model Debut

Moonshot AI plans to list on the Hong Kong Stock Exchange within six months, people familiar with the matter say. The Beijing-based startup behind the Kimi chatbot has circulated a shareholder resolution to secure investor approval for the offering.

The filing follows a turbulent week for Moonshot, whose new Kimi K3 model briefly rattled global technology markets. Investors now watch whether the company can turn that momentum into a successful debut.

Kimi K3 AI Model Shakes Global Markets

Moonshot released Kimi K3 on July 16, an open-weight model built on roughly 2.8 trillion parameters. Its design uses a mixture-of-experts (MoE) architecture, which splits tasks across specialized sub-networks.

A one-million token context window helped it match several leading US models on coding benchmarks.

The launch triggered what traders called a fresh DeepSeek moment. Taiwan’s benchmark index fell more than 6%, and Japanese equities dropped 4%. The Nasdaq slid 1.5% in its worst session of the week, according to Fortune.

As a result, Hong Kong-listed rival Z.ai lost as much as 30% of its value. That marked its steepest single-day decline since its January listing. MiniMax Group shares dropped 16%, and Alibaba fell 4%, Bloomberg reported.

AI Funding Round Targets $30 Billion

Moonshot is simultaneously finalizing a round that could value the firm at more than $30 billion, sources told Bloomberg. That figure marks a nearly sevenfold jump from the $4.3 billion valuation it held in December, according to MLQ News.

In turn, the startup’s annual recurring revenue reportedly doubled to about $200 million by April. That is up from roughly $100 million in early March.

Rapid growth has fueled investor appetite even as Beijing restricts Chinese AI firms from taking foreign capital without clearance.

Restructuring Paves Way for Listing

To qualify for a Hong Kong listing, Moonshot is dismantling its offshore VIE structure. Chinese firms use that legal setup to route foreign investment around ownership limits. A joint venture model will replace it, following guidance from China’s securities regulator toward mainland-linked structures.

Moonshot is not the only lab eyeing a public debut. Rival DeepSeek is weighing an IPO after closing its first external funding round.

Meanwhile, the market reaction shows how closely AI headlines now move traditional risk assets. That echoes a June selloff that pulled Bitcoin toward $62,000.

However, Wall Street remains split on how to price the competition. JPMorgan has urged buying the dip in AI chip stocks, while Morgan Stanley favors hyperscalers instead.

If Moonshot’s listing proceeds on schedule, it will land amid Chinese developers’ continued gains. That trend is already challenging assumptions about who leads the global AI race.