Moonshot AI is reportedly conducting an initial assessment for a Hong Kong IPO and has begun discussions with Goldman Sachs and CICC on potential listing work. At the same time, the company is said to be exploring a new funding round of up to $1 billion, which could value the firm at roughly $18 billion.
The reported move stands in contrast to management's earlier tone. In an internal letter late last year, founder Yang Zhilin said the company held 10 billion yuan in cash and was not in a rush to go public in the near term. He wrote that the decision over a future listing remained in the company's own hands. The latest report suggests preparations for a Hong Kong listing are now under discussion.
IPO review is still preliminary
According to Bloomberg, Moonshot AI remains in the early evaluation stage, with no firm timetable set. The process may also fail to move forward. Goldman Sachs and a spokesperson for Moonshot AI both declined to comment, while CICC did not respond.
The valuation jump under discussion is large. Moonshot AI completed a $500 million Series C round in December 2025 at a valuation of about $4.3 billion. It is now reportedly in talks for up to $1 billion in new financing, and the company could reach a valuation of around $18 billion if that round closes. That would imply a rise of more than four times in about three months.
Report points to a standard IPO route
In December last year, market chatter linked Moonshot AI to a possible backdoor listing, a claim the company denied at the time. The latest report points instead to a conventional Hong Kong IPO process.
Founded in 2023 by Yang Zhilin, Moonshot AI is known for its Kimi chatbot, one of the better-known AI products in the Chinese market. Its backers include Alibaba, Tencent, IDG Capital, and 5Y Capital.
Peer listings have lifted interest in Chinese AI names
Other Chinese AI startups have also reached the Hong Kong market. The source material says Zhipu AI listed on the Hong Kong Stock Exchange on January 8, 2026, while MiniMax listed on January 9, 2026 with a market value of about HK$300 billion. Those listings have drawn more investor attention to Chinese AI companies and helped lift private-market valuations for peers such as Moonshot AI.
The company has also faced scrutiny this year over model licensing. In March, Kimi K2.5 was drawn into a dispute after Cursor was found to have used it, without public disclosure, to train its Composer 2 model. The episode sparked debate in the developer community.