Moonshot AI has raised more than $3.5 billion in an oversubscribed Series F round led by China's National AI Industry Investment Fund and others, giving the Chinese generative AI startup a $35 billion post-money valuation and prompting it to bring forward a Series G pre-IPO fundraising round aimed at a $50 billion valuation. A new Gate Pre-IPOs offering adds another market signal around that target: subscriptions for a Moonshot AI-linked asset certificate branded as KIMI will run from Aug. 11 at 15:00 to Aug. 13 at 15:00 UTC+8 at $105-$115 per share, subject to final pricing, implying a valuation of about $50 billion. The Mirror Note product supports subscriptions in USDT and GUSD, with GUSD subscriptions also offering a 3.8% current U.S. Treasury yield, and the asset certificate is set for 100% unlock and distribution on Aug. 17 at 15:00 UTC+8, with dedicated market trading expected about one month after distribution. Moonshot converted its main China operating entity into a joint-stock company on July 29 as it prepared for a Hong Kong listing, while Kimi K3, its 2.8 trillion-parameter model unveiled on July 16, strengthened the case by topping Anthropic's "Claude Fable 5" and OpenAI's "GPT-5.6 Sol" on Code Arena's front-end coding benchmark even as Moonshot said overall performance still trails those rivals. Higher pricing and rapid sellouts for K3, alongside a licensing model that may require large commercial users to share revenue, have reinforced Moonshot's commercialization story ahead of a Hong Kong filing target of Sept. 30 reported by IPO-focused media outlet IPO Zao Zhi Dao and a potential listing between late 2026 and the first quarter of 2027.