Bloomberg reports that Moonshot AI, the Chinese startup behind the Kimi chatbot, has sent shareholder resolutions seeking approval for a Hong Kong IPO. The notification process has begun, and a listing could come within six months.
Moonshot is also closing a new funding round that could value the company at over $30 billion. Its annualized recurring revenue hit $300 million in June, up from $200 million in April.
The company started IPO preparations before the release of Kimi K3 — this wasn't a spur-of-the-moment decision after the model dropped. But Kimi K3, a massive model with 2.8 trillion parameters, certainly amplified market attention. Its launch sent chip stocks in the US and AI stocks in Hong Kong sliding simultaneously.
Moonshot has begun dismantling its variable interest entity (VIE) structure and is discussing potential underwriting arrangements with China International Capital Corporation (CICC) and Goldman Sachs. The company hasn't commented on the IPO plans.