China's Moonshot AI targets Q1 2027 IPO at $50B valuation - report
Kevin Frayer/Getty Images News
Moonshot AI has closed its latest private funding round at a valuation of about $50B and is targeting a Hong Kong IPO in Q1 2027, according to a Bloomberg report that cites people familiar with the matter.
The Chinese AI firm has begun preparing to gauge investor demand through early-look meetings that could start as soon as this month. The IPO could raise as much as $5B, the people said.
Founded in 2023 by Yang Zhilin, Moonshot is backed by Alibaba (BABA), Tencent (TCEHY), and 5Y Capital. Its latest valuation is up sharply from the $31.5B valuation assigned in a funding round earlier this summer. The company has also confidentially filed for the IPO.
The Beijing-based company gained international attention in July with the launch of Kimi K3, an open model that competes with leading AI platforms from OpenAI (OPENAI) and Anthropic (ANTHRO) on some metrics. Moonshot’s annual recurring revenue has risen to about $1B and is expected to reach $2B by December, the report added.
Bank of America is serving as overall coordinator for the potential offering, alongside China International Capital Corp., Deutsche Bank and Goldman Sachs as sponsor banks.
Recommended For You
Register for free to keep reading.
Create a free account to get unlimited breaking news and alerts when your stocks move.
KioskNews shows a cleaned-up reading view extracted from the publisher’s page — the original always lives on their site, not ours.