Moonshot AI Targets Near-$50 Billion Valuation for Hong Kong IPO on Kimi K3 Momentum

Moonshot AI is lining up a final pre-IPO funding round for August that could value the company at close to $50 billion, up from $31.5 billion in its current round, as investors respond to the runaway reception of its Kimi K3 model.

• Annual recurring revenue rose from $200 million in April to $300 million in June, a 50% jump in two months
• Daily sales have multiplied at least sixfold since Kimi K3 launched last week
• Moonshot is unwinding its offshore holding structure by end of July to clear the path for a Hong Kong listing, expected as soon as this year
• Goldman Sachs and China International Capital Corp are advising on the offering
• Kimi K3's API is priced at roughly 60% of Claude Opus 4.8, but still 2-3x more than domestic rival GLM-5.2

K3 has received positive feedback globally, signaling an all-round catch-up of Chinese LLMs with US leaders in model size, performance, and pricing - Morgan Stanley's Gary Yu

The valuation sprint follows Kimi K3's launch, its release of open weights, and a subsequent capacity crunch that forced Moonshot to pause new subscriptions. See how the model stacks up yourself in the coding arena.