3rd September 2026 – (Hong Kong) Moonshot, the Beijing artificial intelligence start‑up behind the Kimi large language model, has confidentially submitted plans for a Hong Kong initial public offering and is targeting proceeds of about $3 billion, according to people with knowledge of the process. The company has also restructured its ownership by unwinding an offshore red‑chip setup and shifting to an onshore China domicile ahead of the filing, the people said.
The prospective float would add to a busy year for AI fundraising in Hong Kong. Recent listings have included MiniMax, which trades under stock code 0100 after shedding its “P” marker in March, and Z.AI, formerly Zhipu AI, which listed in January.
Moonshot’s latest flagship model, Kimi K3, was unveiled in July with 2.8 trillion parameters and billed by the company as the world’s largest open‑weight system. Market interest in K3 has been buoyed by reports that Moonshot is in discussions with major US cloud providers on potential revenue‑sharing arrangements to host the model.
Banks working with Moonshot on the planned offering include Goldman Sachs, CICC and Deutsche Bank, according to people familiar with the matter. The timing of the listing remains subject to regulatory approvals and market conditions, and the company has not commented publicly on the plans.
