Moonshot AI closes pre-IPO round at $50B valuation, eyes Hong Kong listing

On October 6, 2026, Bloomberg reported, citing people familiar with the matter, that Moonshot AI has closed its final round of private fundraising at a valuation of roughly $50 billion, and is targeting an initial public offering in Hong Kong in the first quarter of 2027 while seeking to raise up to $5 billion.

A same-day report from IT之家, also citing Bloomberg, put the valuation at about CNY 335.723 billion at then-current exchange rates and said some of the people indicated the company has begun preparing investor soundings, with preliminary meetings potentially starting as early as this month to gauge appetite among capital markets. Both accounts line up on the essentials: the round is closed, the listing is aimed at the first quarter of next year, and the fundraising ceiling is $5 billion.

IT之家 added that Moonshot AI released its open-source Kimi K3 model in July of this year, describing it as rivaling leading models from OpenAI and Anthropic on a number of benchmark metrics. The report also framed the IPO as one of the most anticipated deals in the Hong Kong market, where AI-driven listings have been setting successive records.

One further thread comes from The Information, which reported that regulators have opened data security investigations into DeepSeek and Moonshot AI, and that the domestic AI industry now faces tighter oversight. How that shift in the regulatory environment might affect the company's valuation or the pace of the IPO remains unclear, according to the report; the Techmeme account does not mention the investigations at all. The situation currently rests here: the funding is complete, the IPO is targeted for the first quarter of 2027, investor conversations could begin in October, and the regulatory impact is still undetermined.