Moonshot AI Weighs Hong Kong IPO at $50 Billion Valuation

Moonshot AI, the developer of the Kimi artificial-intelligence assistant, is weighing a potential Hong Kong initial public offering at a valuation of about $50 billion as the city’s technology IPO market accelerates.

The company has completed what is described as its final private funding round and is preparing to gauge investor interest. The potential listing timetable remains subject to change.

Moonshot AI’s valuation has risen from about $10 billion to $50 billion within a year. Its annual recurring revenue increased from about $300 million in June to roughly $1 billion, while the company expects revenue to reach $2 billion by December.

Kimi offers tiered consumer subscriptions and provides artificial-intelligence technology to businesses. Moonshot AI launched its Kimi Work agent product in June and released the open-source Kimi K3 model in July.

Kuaishou’s Kling AI is also preparing a potential Hong Kong listing, with a target of raising at least $1 billion. The generative-video platform completed a $2.8 billion financing round in July at a pre-money valuation of about $15 billion.

Kling launched in 2024 and competes with other video-generation services seeking to fill market space left by OpenAI’s decision to shut down Sora.

Hong Kong’s IPO market recorded 116 listings and more than HK$388 billion in proceeds during the first three quarters of 2026, while more than 600 listing applications were active. Companies qualifying under the city’s Chapter 18C rules for specialist technology firms accounted for 19 listings and HK$36.2 billion in proceeds.

Technology companies in artificial intelligence, semiconductors and robotics raised more than half of the market’s total IPO proceeds during the period.

Southbound funds recorded net inflows of HK$428.203 billion through Sept. 28, with holdings valued at about HK$6.02 trillion as of Sept. 29. AI companies including Zhipu and MINIMAX-W ranked among the leading recipients of net buying during the period.

Moonshot AI and Kling AI have not formally disclosed IPO terms. Their listing plans, fundraising targets and valuations remain subject to change.