Moonshot Valued at $50 Billion, Sprinting Toward a 2027 Hong Kong IPO

Bloomberg and other outlets reported today that Kimi parent Moonshot AI has closed its final pre-IPO private round at a valuation of about $50 billion. The company is targeting a Hong Kong listing in Q1 2027, aiming to raise up to $5 billion.

The underwriting syndicate is already assembled. Bank of America is reportedly the overall coordinator, with CICC, Deutsche Bank, and Goldman Sachs as sponsors. The company had earlier filed its Hong Kong listing application confidentially.

How Fast the Valuation Climbed

Moonshot’s valuation was reportedly $31.5 billion in a round this summer. Now at $50 billion — up nearly 60% in a matter of months.

Revenue is accelerating too. Annualized recurring revenue (ARR) was about $300 million in June; it’s now around $1 billion. The company expects to hit $2 billion by December — nearly a sevenfold increase in half a year.

That $2 billion figure will directly determine IPO pricing. Hong Kong’s scrutiny of tech listings keeps tightening, and headline revenue growth has to hold up under verification.

It’s Not Just Moonshot

Four leading AI companies from China and the US are heading to public markets in the same window.

DeepSeek’s new round is close to final, worth at least 80 billion yuan (about $12 billion), with Tencent and CATL as the largest backers. The company has hired CITIC Securities and is eyeing a STAR Market listing in early 2027.

Anthropic is furthest along. It confidentially filed a draft S-1 with the US SEC on June 1, is targeting mid-October for its roadshow, and could list on Nasdaq as early as November. The reported IPO valuation target is around $2 trillion, raising up to $100 billion.

OpenAI, by contrast, is slowing down. Sam Altman cited AI safety concerns in saying the company won’t list this year, with multiple outlets reporting the IPO pushed to 2027. Instead, it’s seeking at least $30 billion in new funding at a $1.4 trillion pre-money valuation.

The revenue gap is real too. Anthropic’s annualized revenue run rate passed $65 billion at the end of July; Moonshot is at about $1 billion — a 60x-plus difference. The metrics aren’t perfectly comparable, but the scale gap is undeniable. Once public, all these numbers go into earnings reports and face real scrutiny.

What to Watch Next

Two things. First, whether Moonshot’s $2 billion ARR materializes in December. That’s the hard basis for IPO pricing — miss it, and the valuation logic gets rewritten.

Second, how the market receives Anthropic’s November IPO. It’s the first of the four to actually ring the bell; its pricing and debut will set the bar for everyone behind it. From next year on, these companies will speak through public earnings, not private rounds and growth stories.