Beijing-based Moonshot AI, an AI lab known for its Kimi models, has confidentially filed for a Hong Kong initial public offering that could raise US$3 billion to US$5 billion as soon as this year, according to people familiar with the matter.

Bank of America joined sponsor banks China International Capital Corp., Deutsche Bank, and Goldman Sachs as an overall coordinator, though the offering’s size and timing may still change.

The company recently secured a US$35 billion valuation after raising a larger-than-expected US$3.5 billion financing round.

The plan would come as Hong Kong’s IPO market rebounds, with tech offerings helping revive activity even as investors remain more selective on valuations.

If Moonshot is still lossmaking, Hong Kong’s Chapter 18C regime for specialist technology companies allows listing by pre-profit firms that meet alternative market-cap, research and development, disclosure, and investor requirements.

Any flotation would also highlight China’s generative AI rules, which require filings, security assessments, real-name registration, content monitoring, and safeguards around training data, privacy, and intellectual property for public-facing services.

🔗 Source: Bloomberg

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