HONG KONG – Chinese artificial intelligence (AI) start-up Moonshot has confidentially filed for a Hong Kong initial public offering (IPO), joining a slew of domestic and global rivals in pursuing a public listing, said three sources with knowledge of the plans.
The developer of popular AI large language model Kimi is aiming to raise US$3 billion (S$3.8 billion), one of the sources said.
It has been valued at US$50 billion in an ongoing funding round, said two separate sources.
The sources were not authorised to speak to the media and declined to be identified.
The IPO timetable would be subject to regulatory approvals and financial details could change depending on market conditions, the sources said.
Moonshot did not immediately respond to a request for comment.
Moonshot had to unwind its offshore incorporation structure and change it to onshore China domicile before the IPO filing, said two sources familiar with the IPO process.
The company is working with banks, including Goldman Sachs, CICC and Deutsche Bank on the IPO, sources have said.
CICC did not immediately respond to a request for comment. Goldman and Deutsche Bank declined to comment.
Chinese tech-focused publication LatePost first reported Moonshot’s confidential IPO filing on Sept 2. REUTERS
