Moonshot AI targets up to $50 billion in final pre-IPO round

Moonshot AI is accelerating capitalization ahead of a reported Hong Kong listing, with plans to begin talks in August for what could be its final private funding round at a targeted $50 billion pre-money valuation. A nearer-term round is expected to value the company at about $31.5 billion, supported by investor interest following the launch of Kimi K3, the company’s 2.8 trillion-parameter open-source model. The update sharpens earlier reporting that Moonshot was finalizing a pre-IPO raise at a valuation above $30 billion and considering a Hong Kong IPO within six months. It now indicates a two-step process: a near-term financing around $31.5 billion followed by August discussions for a final pre-listing round that could reach $50 billion. Founded in 2023, Moonshot has previously been reported as having raised about $4 billion in total, including a $2 billion round in May 2026 that valued the company at $20 billion. Kimi K3 has become central to the company’s investor pitch, and earlier reports said the model matched or exceeded coding benchmarks set by OpenAI and Anthropic while running at roughly 1% of the cost of comparable U.S. frontier models, with demand strong enough to temporarily pause new Kimi subscriptions.