Moonshot AI, the Chinese artificial intelligence unicorn known for its Kimi K3 model, is accelerating fundraising efforts ahead of a planned initial public offering (IPO) in Hong Kong. The company is reportedly eyeing a new financing round as early as next month, according to a source familiar with the matter.
The Beijing-based firm is set to close its current funding round at a valuation of US$30 billion later this month or early next month. It intends to launch a subsequent round with a target valuation of up to US$50 billion, which is expected to be its final private funding before going public, Bloomberg reported.
Moonshot has indicated to investors that it may go public in Hong Kong within six months. Earlier this year, the company began dismantling its offshore corporate structure in preparation for the listing, as reported by the South China Morning Post.
A US$50 billion valuation would represent an over 11-fold increase from Moonshot’s valuation at the end of last year and a significant rise from May, when it completed a funding round at a US$20 billion valuation. This was briefly mentioned in a now-deleted WeChat post by its financial adviser HF Capital.
Investor interest in China’s AI sector remains strong. Rival DeepSeek, based in Hangzhou, is reportedly in discussions for a new financing round with a pre-investment valuation of about US$70 billion, following its Series A funding round in June.
Moonshot AI did not respond to a request for comment on the matter.