Moonshot AI Eyes Early 2027 Hong Kong IPO After Valuation Hits $50B

Chinese AI startup Moonshot AI has completed its final private funding round at a valuation of roughly $50 billion and is preparing for a potential Hong Kong IPO in Q1 2027.
The company is considering raising as much as $5 billion and could begin early investor meetings this month. Annual recurring revenue is reportedly around $1 billion and projected to reach $2 billion by December, up from roughly $300 million in June.
Moonshot, known for its Kimi AI models, was valued at $31.5 billion in a previous funding round this summer. Bank of America is coordinating the potential IPO alongside CICC, Deutsche Bank and Goldman Sachs.
Alibaba, Tencent and 5Y Capital are existing backers. The IPO timeline could still change as Moonshot reportedly faces a Chinese regulatory data-security probe alongside DeepSeek.