Moonshot AI denies plans to file Hong Kong IPO in August

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.

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.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓