Moonshot AI, the Beijing-based startup behind the Kimi AI models, has reached a $50 billion valuation after raising over $5.5 billion in total capital. The company has confidentially filed for a Hong Kong IPO targeting to raise approximately $3 billion, with Goldman Sachs, CICC and Deutsche Bank as underwriters, and is expected to list in early 2027. Moonshot’s annualized recurring revenue reached $300 million by June 2026, putting its current valuation at roughly 160 times annual revenue. Its flagship model Kimi K3, launched in July 2026, features 2.8 trillion parameters and a 1-million-token context window. The firm has entered preliminary talks with Microsoft, Amazon and Google about potential revenue-sharing arrangements, which would mark the first time a Chinese AI company has held such discussions with major US cloud providers.
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