Moonshot AI, the parent company of Kimi, has confidentially filed an A1 application with the Hong Kong Stock Exchange, according to LatePost, formally starting its Hong Kong IPO process. At the same time, the company is pursuing a new funding round at a pre-money valuation of about $50 billion, which the report said is expected to be its last round before the listing. Public and market information cited in the report shows that Kimi has stepped up model releases this year, rolling out K2.5, K2.6 and K3 on a pace of roughly one version every three months. On the revenue side, Kimi’s annual recurring revenue exceeded $100 million in early March and rose to around $300 million by mid-June. After the release of K3, enterprise ARR posted multiple-fold growth. As usage volume and computing demand climbed, Moonshot AI raised its valuation from about $4.3 billion at the end of 2025 to roughly $50 billion through multiple funding rounds.
Moonshot AI, the parent company of Kimi, has confidentially submitted an A1 filing to the Hong Kong Stock Exchange, according to LatePost, formally launching its Hong Kong IPO process. At the same time, the company is advancing a new fundraising round at a pre-money valuation of about $50 billion, which the report described as likely to be the final round before the IPO.
Kimi sped up model releases this year
Citing public and market information, the report said Kimi accelerated its model iteration cycle this year, releasing K2.5, K2.6 and K3. The update cadence was roughly one version every three months.
ARR rose from over $100 million to around $300 million
On the revenue side, Kimi’s annual recurring revenue surpassed $100 million in early March. By mid-June, that figure had climbed to around $300 million. After K3 was released, enterprise ARR recorded multiple-fold growth.
Valuation climbed to about $50 billion
As call volume and computing demand increased, Moonshot AI lifted its valuation from about $4.3 billion at the end of 2025 to roughly $50 billion through multiple funding rounds.
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