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Chinese artificial intelligence startup Moonshot AI is expected to submit its Hong Kong initial public offering application as early as August, seeking to raise approximately US$3 billion (HK$23.4 billion), International Financing Review reported, although the company said the report is inaccurate.
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The company recently completed a fundraising round, raising US$3.5 billion, with a post-money valuation of US$35 billion, Bloomberg reported.
Moonshot AI had initially targeted raising US$1 billion to US$2 billion, but the final amount raised significantly exceeded the original plan. Sources also indicated that the company has already begun approaching potential investors for a new funding round, targeting a pre-money valuation of US$50 billion, with the aim of completing this final round of private financing as soon as possible this year, ahead of its planned listing in Hong Kong.
Moonshot AI reportedly secured a computing agreement with Alibaba (9988) to access roughly 20,000 Nvidia chips for training its Kimi AI large language model.
