Moonshot AI, a Beijing-based AI startup founded by Yang Zhilin, has completed its final private fundraising round at a valuation of about US$50 billion and is targeting a Hong Kong initial public offering in the first quarter of 2027, according to people familiar with the matter.

The company is preparing investor meetings that could start this month and is considering raising up to US$5 billion. The timing could still change, the people said.

A summer fundraising round valued Moonshot at US$31.5 billion.

Chinese regulators are investigating Moonshot and DeepSeek over data security. The effect on Moonshot’s valuation or listing timeline remains unclear.

Regulators are examining how the companies handle user data and potentially sensitive information.

Hong Kong’s Chapter 18C framework allows specialist technology companies, including AI firms, to list without meeting traditional profit tests if they meet enhanced market-cap, free-float, and disclosure requirements.

🔗 Source: Bloomberg

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