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Moonshot AI files confidentially for Hong Kong IPO, in talks for $50B pre-IPO round

#moonshot-ai#kimi#hong-kong-ipo#funding

Moonshot AI (Kimi) has confidentially filed an A1 application with the Hong Kong Stock Exchange, formally starting its IPO process, and is reportedly in talks to raise a pre-IPO round at a $50 billion pre-money valuation. Sources indicate the company may seek $3 billion to $5 billion in the IPO, which could occur as soon as this year. The move follows rapid model releases (K2.5, K2.6, K3) and revenue growth, with ARR surpassing $300 million by mid-June.

Coverage timeline

  1. 晚点 LatePost程曼祺
    晚点独家丨月之暗面向港交所秘密交表，正式启动 IPO

    《晚点 LatePost》独家获悉，月之暗面（Kimi）已于本周以保密形式向港交所递交 A1 文件，正式启动港股 IPO 流程。A1 是企业申请在港交所上市时提交的正式申请表之一。 Kimi 方面回应上述消息称：“对于市场传闻不予置评，目前暂无可以披露的信息。” 同时据我们了解，Kimi 也正在以 500 亿美元的投前估值推进新一轮融资。这很有可能是 Kimi IPO 前的最后一轮融资。 外界普遍认为，另一家尚未上市的中国头部大模型创业公司 DeepSeek 也可能会于明年上半年上市。 2025 年底，Kimi 创始人杨植麟曾表示短期不急于 IPO。今年以来，Kimi 的模型迭代、商业化和资本动作均明显提速：1 月 K2.5 上线，4 月 K2.6 上线，7 月又发布 K3，几乎保持三个月一次的更新节奏。同期， 据我们此前报道，Kimi 3 月初 ARR（年度经常性收入）突破 1 亿美元 ，《科创板日报》随后报道，6 月中旬这一数字已突破 3 亿美元。 一级市场的定价也跟着迅速抬高。2025 年底，Kimi 的估值约为 43 亿美元，今年 5 月超过 200 亿美元，K3 发布后，Kimi 于 7 月前后再完成一轮融资，投后估值达到 350 亿美元，半年多时间增长至此前的约 8 倍。而如今，他们正在进行投前估值约 500 亿美元的最新一轮融资。 模型公司不像传统软件公司，新增收入的边际成本很高，更强的模型带来更多调用，但也迅速消耗更多算力。K3 发布后，月之暗面一度暂停新用户订阅，将算力优先留给已有付费用户。为了支撑下一轮模型迭代和商业化增长，公司需要持续融资、扩充算力。 当调用量和收入快速增长，模型公司竞争的不再只是模型能力。过去几个月，智谱、MiniMax 相继披露收入数据。ARR、API 调用和企业客户成为新的经营指标。 7 月 18 日，K3 发布次日，Kimi 总裁张予彤在社交媒体披露，K3 发布后企业 ARR 出现数倍增长，并创下历史最大单日增幅。 据 The Information 8 月底报道，DeepSeek 今年前 7 个月实际收入约 4.75 亿元人民币，是其 2025 年全年收入的约 10 倍。 据财报和财报电话会，智谱今年上半年营收 9.54 亿元，8 月 ARR 达到 16 亿美元。MiniMax 上半年营收 1.17 亿美元（约 7.8

  2. Techmeme
    China-based Moonshot filed confidentially for a Hong Kong IPO; source: the company is in talks to raise a pre-IPO funding round at a $50B valuation (Juro Osawa/The Information)

    Juro Osawa / The Information : China-based Moonshot filed confidentially for a Hong Kong IPO; source: the company is in talks to raise a pre-IPO funding round at a $50B valuation — Moonshot AI, whose Kimi K3 open-source model has become a global hit, has filed confidentially an application for a Hong Kong initial public offering …

  3. Techmeme
    Sources: Moonshot may seek to raise $3B to $5B in a planned Hong Kong IPO that could occur as soon as this year (Bloomberg)

    Bloomberg : Sources: Moonshot may seek to raise $3B to $5B in a planned Hong Kong IPO that could occur as soon as this year — Moonshot AI is considering raising up to $5 billion in its planned Hong Kong initial public offering as soon as this year, people familiar with the matter said …