Beijing-based Moonshot AI, an AI startup best known for its Kimi models, has started a new funding round and is expected to close it by the end of August at a valuation of up to US$50 billion.

The company is also dismantling its offshore structure for a possible Hong Kong initial public offering as early as the end of 2026, according to two people familiar with the matter.

The fundraising would be Moonshot’s last before a listing, according to the people.

It comes shortly after the company completed another funding round last month at a roughly US$30 billion valuation.

Earlier this summer, the company began a round at US$31.5 billion.

Moonshot’s main product is Kimi. The company says Kimi K3, released in mid-July, is a 2.8 trillion-parameter multimodal model with a 1 million-token context window.

A Hong Kong listing is possible because Hong Kong Exchanges and Clearing’s specialist-technology regime, introduced in 2023, allows pre-profit AI companies to list if they meet commercialization, research and development, investor, and public-float requirements.

🔗 Source: South China Morning Post

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