Moonshot AI reportedly filed confidentially for Hong Kong IPO to raise $3B-$5B
- Amount
- $3.0B
- Place in VP50
- #20
- Sources
- 4
- Claims verified
- 5 of 6
What happened
Moonshot AI, the Chinese developer of the Kimi large language model, filed confidentially for an initial public offering in Hong Kong, according to Reuters, which cited three people with knowledge of the plans. Chinese tech publication LatePost first reported the filing on September 2, 2026. Reuters said the company was aiming to raise $3 billion, according to one of the people. Briefs reported on September 4, citing people familiar with the matter, that Moonshot was weighing a raise of $3 billion to $5 billion and that the size and schedule could still shift.
Reuters sources said Goldman Sachs, CICC and Deutsche Bank were working on the listing; Briefs named the three as sponsor banks and Bank of America as overall coordinator. Reuters sources said Moonshot had been valued at $50 billion in an ongoing funding round and had to unwind its offshore incorporation structure and move to an onshore China domicile before filing. Briefs put the last round at a $35 billion valuation. The timetable was subject to regulatory approvals, and financial details could change with market conditions. Moonshot did not immediately respond to Reuters' request for comment.
Key points
- Moonshot confidentially filed for a Hong Kong IPO, per three people cited by Reuters.124
- LatePost first reported the filing on Sep 2.124
- Target raise is $3B per Reuters; Briefs reports a $3B-$5B range.34
- Goldman Sachs, CICC and Deutsche Bank are working on the IPO; Briefs names Bank of America as overall coordinator.34
- Reuters sources put the valuation at $50B in an ongoing round; Briefs gives $35B for the last round.234
Why it matters
A confidential filing moves the IPO from plan to regulatory review, and the timetable stays subject to approvals. A listing would give employees and early holders a public market for their shares.
Moonshot unwound its offshore incorporation structure and moved to an onshore China domicile before filing, per two Reuters sources. Reuters did not say how existing holders' shares were treated in that change.
The $50B figure comes from an ongoing private round, against $35B for the last round per Briefs. Neither is confirmed by the company, and an IPO would set a public price.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Angel round | Jun 13, 2023 | $300M | $200M | Unknown |
| Series A+ | Feb 20, 2024 | $2.5B | $1.0B | Alibaba |
| Series B | Aug 5, 2024 | $3.3B | $300M | Unknown |
| Series C | Dec 2025 | $4.3B | $500M | IDG Capital |
| Funding round | Feb 2026 | $10B | $700M | 九安医疗 (Jiuan Medical) and 五源资本 (5Y Capital) |
| Series F | Jul 29, 2026 | $35B | $3.5B | National AI Industry Investment Fund |
Updated
Fact-check
- Moonshot confidentially filed for a Hong Kong IPO, per three people with knowledge of the plans; LatePost first reported it on September 2, 2026.Confirmed by [4] The Edge Malaysia (Reuters): three people with knowledge of the plans; LatePost first reported the filing on Wednesday, which is September 2 for this September 3 story and matches the event date. [1] and [2] carry the same Reuters text per the writer's extracts (both returned 403 to the checker).Verified
- Moonshot was aiming to raise $3 billion.Confirmed by [4] The Edge Malaysia (Reuters): one of the people said the Kimi developer is aiming to raise US$3 billion.Verified
- Moonshot was weighing a raise of $3 billion to $5 billion, and the size could change.Stated by [3] Briefs, citing people familiar with the matter: a $3 billion to $5 billion range, with size and schedule that may still shift. Reuters [4] gives only $3 billion and says financial details could change.Partly verified
- Moonshot has been valued at $50 billion in an ongoing funding round; the last round was at $35 billion.Confirmed by [4] The Edge Malaysia (Reuters): valued at US$50 billion in an ongoing round, per two sources. [3] Briefs describes a new round at a $50 billion pre-money valuation and a last round at $35 billion.Verified
- Goldman Sachs, CICC and Deutsche Bank are working on the IPO; Bank of America is overall coordinator.Confirmed by [4] The Edge Malaysia (Reuters), which names the three banks, and [3] Briefs, which names them sponsor banks and Bank of America as overall coordinator.Verified
- Moonshot unwound its offshore incorporation structure and moved to an onshore China domicile before filing; the timetable needs regulatory approval.Confirmed by [4] The Edge Malaysia (Reuters), citing two sources familiar with the IPO process, and saying the timetable is subject to regulatory approvals.Verified
Sources
- [1]The Business Times (Reuters) (opens in a new tab)Chinese AI firm Moonshot files confidentially for Hong Kong IPO, sources sayhas confidentially filed for a Hong Kong initial public offering, said three people with knowledge of the plans
- [2]Business Standard (Reuters) (opens in a new tab)Chinese AI firm Moonshot files confidentially for Hong Kong IPOMoonshot has been valued at $50 billion in an ongoing funding round, two separate sources said.
- [3]Briefs (relaying Bloomberg) (opens in a new tab)Moonshot AI Weighs Up to $5 Billion Hong Kong IPOweighing a raise in the $3 billion to $5 billion range
- [4]The Edge Malaysia (Reuters) (opens in a new tab)Chinese AI firm Moonshot files confidentially for Hong Kong IPOhas confidentially filed for a Hong Kong initial public offering
