Moonshot, the Beijing-based developer of the Kimi large language model, denied a report that it is considering listings in Hong Kong and Shanghai. The denial follows earlier reports that the company was pursuing a Hong Kong IPO, potentially raising about $3 billion, while also exploring a later listing on the Shanghai Stock Exchange’s STAR Market. Those plans, including a possible first-quarter 2027 Hong Kong debut and a valuation of about $50 billion, remain unconfirmed. Earlier reports said Moonshot had discussed a Hong Kong IPO with investors in July and later indicated interest in a mainland listing. The company has also been preparing a final pre-IPO financing round, while its Kimi K3 model has drawn positive reviews and strong demand.