Moonshot AI is exploring a share sale in Hong Kong and is weighing a raise in the $3 billion to $5 billion range, according to people familiar with the matter. They noted that the timing could be as soon as this year, though the size and schedule may still shift as talks continue.
The AI lab has submitted a confidential application for the offering and brought in Bank of America Corp. to serve as overall coordinator, with China International Capital Corp., Deutsche Bank AG and Goldman Sachs Group Inc. as the sponsor banks, the people said. Spokespeople for Moonshot, Bank of America, Deutsche Bank and Goldman Sachs said they had no comment, while CICC didn't reply to a request for comment. Chinese local outlets and IFR have previously reported that a confidential filing was made.
Moonshot was created by Yang Zhilin, a former Tsinghua University professor, and counts Alibaba Group Holding Ltd., Tencent Holdings Ltd. and 5Y Capital among its backers. The company drew global attention in July with Kimi K3, an open-source model that, on some measures, stacks up closely against leading systems from OpenAI and Anthropic. Bloomberg News reported in March that Moonshot had been discussing a potential Hong Kong listing. More recently, it secured a $35 billion valuation after a larger-than-expected $3.5 billion fundraise and is now approaching prospective investors for a new round that would carry a $50 billion pre-money valuation.
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If a big-name Chinese AI lab sells up to $5 billion of stock in Hong Kong, that is a sizable new deal competing for attention and capital. Watch for official documents and any updates from the coordinator and sponsor banks to get a clearer read on timing, scale and how demand is shaping up.
