Moonshot AI, the Beijing-based startup behind the Kimi K3 language model, is preparing for an initial public offering on the Hong Kong Stock Exchange within six months, targeting a valuation of 30 billion dollars. Kimi K3, launched on July 16, 2026, with 2.8 trillion parameters and a 1-million-token context window, has become the world’s largest open-weight model. The company’s annual recurring revenue is approaching 300 million dollars, driven by surging API demand. Alibaba, Tencent, and Meituan’s venture arm are among the investors backing the company, which was valued at 20 billion dollars in a prior funding round that raised approximately 2 billion dollars.
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