Moonshot AI pursues Hong Kong IPO in first quarter of 2027 at $50 billion valuation
Version 2: A third report adds Bank of America as overall coordinator of the listing, the founder's background and Moonshot's main investors, and further detail on the reported Chinese data-security investigation into Moonshot and DeepSeek.
In short
Chinese AI startup Moonshot AI has completed a final private funding round at a $50 billion valuation and is preparing a Hong Kong listing in the first quarter of 2027, according to Korean reports citing Bloomberg and Hong Kong media. The company is considering raising up to $5 billion and has reportedly filed confidentially with the Hong Kong exchange. A reported Chinese data-security investigation into Moonshot and DeepSeek could affect the valuation or the listing schedule, according to the reports.
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Chinese AI startup Moonshot AI has completed its final private funding round at a company valuation of $50 billion and is pursuing a listing on the Hong Kong stock market in the first quarter of 2027, according to reports carried by Dong-A Ilbo, Yonhap and Newsis. The company is considering raising up to $5 billion in the initial public offering, the reports said. Yonhap attributed the details to a Bloomberg report citing multiple sources, while Newsis said the plan was reported by Hong Kong and Chinese-language financial media, also citing multiple sources. [ 1 , 2 , 3 ]
Citing unnamed sources, Yonhap reported that Moonshot is due to begin “early-look” meetings with institutional investors — a first informal round of gauging demand — as early as this month, and has already filed a confidential listing application with the Hong Kong exchange. CICC, Deutsche Bank and Goldman Sachs are the joint underwriters, according to both Yonhap and Newsis; Newsis added that Bank of America has been chosen as overall coordinator of the IPO, a role the other documents do not mention. [ 2 , 3 ]
The reports said Moonshot's valuation rose from $31.5 billion during summer fundraising to $50 billion in the last round. Annualised recurring revenue grew from about $300 million in June, Yonhap said, to $1 billion at present, and is expected to reach $2 billion by December. Newsis gave the same growth path but placed the $1 billion figure in August. Moonshot drew attention in July when it released the open model Kimi K3, which the reports said matched leading US developers such as OpenAI and Anthropic on some performance measures. Competitors Z.ai and MiniMax have already listed in Hong Kong, Bloomberg noted, as carried by Yonhap. [ 2 , 3 ]
Newsis reported that Moonshot is headquartered in Beijing and focuses on generative AI, and that Yang Zhilin founded the company in early 2023 after working as a professor at Tsinghua University and at Meta Platforms and Google, part of Alphabet. Its main investors include Alibaba, Tencent and Wuyuan Capital, according to the same report. [ 3 ]
Both Yonhap and Newsis noted a risk to the deal: Chinese authorities have recently tightened AI-industry regulation, and the tech outlet The Information reported that regulators have opened a data-security investigation into DeepSeek and Moonshot. Newsis said the probe includes allegations that sensitive data was sent to Anthropic's Claude model. Bloomberg said the investigation could affect Moonshot's valuation or the timing of the listing, Yonhap reported. [ 2 , 3 ]
Why it matters
The offering is described as one of the most anticipated deals in a Hong Kong market where AI companies' fundraising has been setting records, and rivals Z.ai and MiniMax have already listed there. For readers outside China, the reported regulatory scrutiny of Moonshot and DeepSeek signals how Chinese authorities' tightening of AI rules could weigh on the sector's access to public capital.
Key facts
- Moonshot AI completed its final private funding round at a $50 billion valuation and is pursuing a Hong Kong listing in the first quarter of 2027. [ 1 , 2 , 3 ]
- The company is considering raising up to $5 billion in the IPO. [ 1 , 2 , 3 ]
- Moonshot has reportedly filed confidentially with the Hong Kong exchange, with CICC, Deutsche Bank and Goldman Sachs as underwriters. [ 2 , 3 ]
- Newsis reported that Bank of America has been added as overall coordinator of the listing, alongside the three joint sponsors. [ 3 ]
- Its valuation rose from $31.5 billion during summer fundraising to $50 billion in the last round, the reports said. [ 2 , 3 ]
- Annualised recurring revenue rose from about $300 million in June, and is expected to reach $2 billion by December, according to the reports. [ 2 , 3 ]
- Moonshot drew attention in July with the release of the open model Kimi K3, which reports said matched leading US models on some performance measures. [ 2 , 3 ]
- Chinese regulators have reportedly opened a data-security investigation into Moonshot and DeepSeek that could affect the valuation or listing schedule. [ 2 , 3 ]
Confirmed by several sources
- Moonshot AI is pursuing a Hong Kong IPO in the first quarter of 2027 after a final private round valuing it at $50 billion. [ 1 , 2 , 3 ]
- The company is considering raising up to $5 billion in the listing. [ 1 , 2 , 3 ]
- Its valuation rose from $31.5 billion in summer fundraising to $50 billion, and annualised recurring revenue is expected to grow to $2 billion by December. [ 2 , 3 ]
- CICC, Deutsche Bank and Goldman Sachs are the joint underwriters. [ 2 , 3 ]
- Chinese regulators have reportedly begun a data-security investigation into Moonshot and DeepSeek. [ 2 , 3 ]
Still unclear
- Whether Moonshot has in fact submitted a confidential listing application to the Hong Kong exchange. Yonhap reports the filing as something said to have happened, attributed to unnamed sources, with no public confirmation.
- Whether Bank of America's role as overall coordinator of the IPO is confirmed. Only Newsis reports the Bank of America appointment; the other two documents list only CICC, Deutsche Bank and Goldman Sachs.
- When annualised recurring revenue reached $1 billion. Yonhap says the figure is $1 billion at present, while Newsis says it stood at $1 billion in August; both are attributed to sources.
- Whether the reported data-security investigation will affect Moonshot's valuation or the timing of the listing. The documents state this as a possibility that could influence the deal, not as a confirmed outcome.
What local media are saying
Timeline, local time
- Dong-A Ilbo reports that Moonshot AI is seeking a Hong Kong IPO in the first quarter of 2027 at a $50 billion valuation. [ 1 ]
- Yonhap carries the Bloomberg report with details on the early-look meetings, the confidential filing, the underwriters and revenue growth. [ 2 ]
- Newsis reports the same listing plan, adding Bank of America as overall coordinator, the founder's background and fresh detail on the regulatory investigation. [ 3 ]