Tracking IPOs: AI firms and chipmakers lead Asia listings

Tech in Asia regularly updates this tracker. This is the latest version of the article, which was last updated on July 27, 2026.

AI companies and firms that are in industries adjacent to it are leading the charge in Asia’s IPOs.

One of the most anticipated market debuts is LLM developer Moonshot, which recently closed a fundraising round at a valuation of US$50 billion.

Set to go public in Hong Kong, the company drew headlines after the launch of its open-source model Kimi K3 in July. The LLM outperformed similar models from OpenAI and Anthropic on certain benchmarks.

AI video generation firm Kling, a unit under short-video platform Kuaishou, is also looking to have its IPO next year at the Hong Kong Stock Exchange (HKEX), potentially raising at least US$1 billion. Kling closed a US$2.8 billion funding round in July, drawing interest from tech giants like Alibaba, Tencent, and Baidu.

However, geopolitical tensions on both hemispheres have pushed back the IPO plans of Asian startups – even those of companies that support the AI industry.

For instance, Philippine data center operator Vitro Inc. has delayed its debut, citing market conditions and rising interest rates.

In early October, Australia-based Firmus, which has operations across the region, withdrew from an IPO that planned to raise US$5 billion, citing market volatility and conditions. The firm said it would seek private capital or “alternative public and private market options.”

It’s a sign of the times. Despite a boom in mega deals on the HKEX this year, including from Chinese AI firms MiniMax and Z.ai, recent companies to go public have seen their share prices tumble post-listing. Sixty percent of its IPOs in the third quarter have dropped below their debut share price.

Not just Hong Kong

Credits