Moonshot AI, the company behind Kimi, is considering a dual-capital-markets path that could start in Hong Kong and later extend to Shanghai’s STAR Market, according to a BlockBeats report citing Beating AI. The company has already confidentially filed for a Hong Kong IPO and has recently signaled to investors that it is studying a follow-on listing on the STAR Market after a Hong Kong debut, though that plan has not been finalized. On the Hong Kong side, Moonshot AI is targeting roughly $3 billion in fundraising and could go public as early as the first quarter of 2027. It is also working on its final pre-IPO financing round at an estimated valuation of about $50 billion. The report said one reason the company is weighing a STAR Market listing is that AI stocks in Hong Kong have recently shown weak share-price performance, while the queue of companies seeking listings remains long. A dual-listing structure would add another funding channel and broaden investor reach. In June, the STAR Market relaxed its fifth listing standard specifically for large-model companies, allowing applications from businesses that have not yet reached a certain revenue scale, provided they meet conditions including having at least one large-model product online and in scaled commercial use.
Moonshot AI is considering a listing in Hong Kong and a possible second listing on Shanghai’s STAR Market.
According to BlockBeats, citing Beating AI, the company has already confidentially filed for a Hong Kong IPO. It has also recently signaled to investors that it is studying a plan to pursue a STAR Market listing after going public in Hong Kong. That STAR Market plan remains at an exploratory stage and has not been confirmed by the company.
For the Hong Kong IPO, Moonshot AI is targeting fundraising of about $3 billion and could list as early as the first quarter of 2027. The company is also pushing ahead with its final pre-IPO financing round at a valuation of about $50 billion.
The report said part of the reason Moonshot AI is looking at a STAR Market listing is the recent weak share-price performance of AI companies in Hong Kong, along with a crowded pipeline of companies waiting to list. A two-market listing could give the company another financing channel and reach a broader investor base.
On the regulatory side, the STAR Market in June relaxed its fifth listing standard specifically for large-model companies. Under the revised framework, companies that have not yet reached a certain revenue scale can still apply. One of the requirements is that at least one large-model product must already be online and in scaled application.
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