Chinese artificial intelligence startup Moonshot AI is reportedly preparing for a public listing in Hong Kong. This comes after the successful launch of its AI model, Kimi K3.

According to Bloomberg, the Beijing-based company has distributed a shareholder resolution seeking investor approval for an IPO. Sources familiar with the matter said the listing could happen anytime in the next six months. The move also comes at a time when the company is getting attention from investors and the technology industry. 

Moonshot AI gains momentum after the Kimi K3 launch 

Reports suggest the startup is finalizing a funding round that could value it at more than $30 billion. If achieved, that would mean a huge jump from its reported $4.3 billion valuation in late 2025.

Revenue growth has also been strong. Sources told Bloomberg that annual recurring revenue reached $300 million in June. This is up from around $200 million in April. Reports that came out before then suggested the company was generating $100 million in annual recurring revenue just a few months earlier.

The newfound momentum of the company is all thanks to the launch of Kimi K3 on July 16. The model was built using 2.8 trillion parameters. This makes it one of the largest AI models released so far. 

It also features a one-million-token context window, which allows it to process far larger amounts of information than other systems.

Immediately it was released, Benchmark said the model could compete with the leading AI systems in the United States in coding and reasoning tasks.

The launch comes as competition grows. Chinese firms like DeepSeek, Alibaba’s Qwen team, MiniMax, and Z.ai are all looking to build powerful models.

In preparation for its Hong Kong listing, the company is restructuring its corporate setup. Reports said it is dismantling its offshore variable interest entity (VIE) structure and replacing it with a joint venture arrangement. This helps the company to better align with Chinese regulatory requirements.

AI stocks rattled on K3’s debut

After the launch, the market reaction was immediate. Taiwan’s benchmark stock index fell over 6% after the launch, while Japanese equities dropped around 4%. The Nasdaq also slipped 1.5% at the time.

Many Chinese AI-related stocks were also hit hard. Hong Kong-listed Z.ai lost as much as 30% in a single day, which is its biggest drop since it went public. MiniMax Group fell 16%. Alibaba shares also declined by 4%.

Some experts compared the reaction to the “DeepSeek moment” that happened in early 2025. 

Moonshot AI was founded in 2023 by Yang Zhilin. Zhilin was a former researcher at Google and Meta. The company has spent much of its short history competing with established Chinese AI firms. But these new developments suggest it is becoming a major AI player in China.

Source:: Moonshot AI Plans Hong Kong IPO After Its Kimi K3 Model Shook AI Stocks