Chinese AI companies DeepSeek and Moonshot AI are advancing fundraising and listing plans at the same time, according to Bloomberg, as competition with major U.S. peers shifts toward the capital markets. DeepSeek is preparing a new round of at least $12 billion and plans to launch an IPO in early 2027, while Moonshot AI has completed its final private round at a $50 billion valuation and is targeting a Hong Kong listing in the first quarter of 2027.
DeepSeek seeks at least $12 billion ahead of a planned 2027 IPO
Bloomberg reported that DeepSeek is working on a fundraising round of at least $12 billion, led by Tencent and battery manufacturer CATL. Strong investor demand could lift the final amount to as much as $15 billion, above the initial target.
The financing effort follows the release of DeepSeek's V4 Flash model. The report said the model narrowed the gap with OpenAI and Anthropic on both cost and performance, giving DeepSeek a stronger case for a higher valuation. The article also referenced an earlier valuation figure of $71 billion tied to the company’s prior fundraising discussion, with the new capital seen as part of DeepSeek’s positioning ahead of an IPO.
Moonshot AI targets Hong Kong in the first quarter of 2027
Moonshot AI, the company behind the Kimi chatbot, is also moving into the final stretch before a public listing. The company has completed its last private fundraising round at a $50 billion valuation and is aiming to go public in Hong Kong in the first quarter of 2027, with proceeds that could reach $5 billion.
According to Bloomberg, Moonshot AI’s annual recurring revenue is expected to hit $2 billion by December 2026, about double its current level. The report said that figure will be important for IPO pricing and investor confidence. It also noted that Hong Kong’s exchange has become more demanding in its review of technology listings, making verifiable revenue growth a hard requirement.
OpenAI and Anthropic are also lining up capital market moves
In the U.S., OpenAI and Anthropic are pressing ahead with their own plans.
OpenAI, after delaying its IPO timeline, is now seeking at least $30 billion in private financing at a $1.4 trillion pre-money valuation. BlackRock and an Abu Dhabi fund were identified in the report as potential investors, and together they could contribute as much as $10 billion.
Anthropic, by contrast, is said to be targeting the public market directly. Bloomberg reported that the company plans to launch an IPO before the U.S. midterm elections in November, with a target valuation of about $2 trillion. If completed, the offering would rank among the largest technology IPOs on record.
A 2027 AI IPO contest is taking shape
The report framed the listing plans of DeepSeek and Moonshot AI as part of a broader shift in which Chinese AI firms are no longer positioned only as catch-up players. On strategy, DeepSeek is described as pursuing a combination of model performance and lower cost, while Moonshot AI is leaning on Kimi’s long-context capabilities. U.S. companies, by comparison, are relying more on ecosystem maturity and a global enterprise customer base.
The article highlighted several variables that could shape the 2027 AI IPO market: whether DeepSeek V4 Flash can replace part of OpenAI usage among enterprise customers, whether Moonshot AI can reach $2 billion in annual recurring revenue before its listing, and whether OpenAI’s planned $30 billion private raise will affect the pricing of any later IPO. Those factors may help determine how the next phase of AI capital market competition develops.