Moonshot AI Eyes Hong Kong IPO As China’s AI Race Heats Up

Moonshot AI is moving toward a public listing within six months, just days after its Kimi K3 model shook up assumptions about China’s standing in the AI race. The company has sent shareholders a resolution seeking approval for a Hong Kong IPO, a step that points to a possible listing within half a year.

Valuation Climbs Alongside Revenue

Moonshot is also closing a funding round that could push its valuation past $30 billion, up from $20 billion in a Meituan led round back in May. Annual recurring revenue hit $300 million in June, up from $200 million in April, and the company briefly paused new K3 subscriptions over the weekend as demand outpaced capacity, with daily sales up sixfold since launch.

K3 And Qwen Reshape The Competitive Field

K3 topped a closely watched coding benchmark, trailing only Anthropic’s Claude Fable 5 and OpenAI’s GPT-5.6 on select measures, a result that triggered a chip stock selloff on Friday. Alibaba followed by releasing its 2.4 trillion-parameter Qwen3.8 model as open-weight, saying it trails only Fable 5 among frontier systems.