Moonshot AI, the Beijing company behind the Kimi chatbot and models, doesn't have a stock ticker. Moonshot is privately held, and no public listing document has appeared. The company has filed confidentially for a Hong Kong IPO, according to reports in September 2026. Moonshot said it had no information to disclose.
Moonshot is targeting a Hong Kong listing in early 2027
Moonshot closed its final private funding round at a valuation of about $50 billion and is targeting a Hong Kong listing in the first quarter of 2027 that could raise up to $5 billion, Bloomberg reported on Oct. 6. That report named Bank of America as overall coordinator, with CICC, Deutsche Bank, and Goldman Sachs as sponsors. Bloomberg had earlier reported that Moonshot was weighing a $3 billion to $5 billion raise as soon as this year.
Moonshot is exploring a Hong Kong listing followed by one on Shanghai's STAR Market, Reuters reported on Sept. 10, citing the South China Morning Post.
A shareholder dispute is in arbitration
CEO Yang Zhilin and Chief Technology Officer Zhang Yutao are in talks to settle a dispute with a shareholder before the listing, Reuters reported on Oct. 11. The shareholder, Recurrent.ai, is an AI software company the two co-founded in 2016. Recurrent received 9.5% of Moonshot's original shares and, with some of its investors, is seeking compensation equal to 10.5% of those shares. The dispute is in arbitration in Hong Kong. Moonshot's lawyer has said the case "lacked both legal and factual basis."
Moonshot's valuation has climbed through 2026
In July, Moonshot closed a $3.5 billion round at a $35 billion valuation, Bloomberg reported. The October round brought the valuation to about $50 billion.
Alibaba bought about 36% of Moonshot
Alibaba invested about $800 million in Moonshot in its fiscal year ended March 31, 2024, "for an approximately 36% equity interest," according to its latest annual report, filed May 20, 2026. The filing doesn't give a current percentage, and Moonshot has raised several rounds since. Moonshot's other backers include Tencent, Meituan, and China Mobile, according to Reuters. None of them has disclosed its stake. All four trade in Hong Kong, and Alibaba (BABA) and Tencent (TCEHY) also trade in the US, but their shares move on far more than one investment.
Kimi K3 drew enough demand to pause sign-ups
Moonshot released Kimi K3, a 2.8 trillion-parameter open-weight model, on July 17, 2026. Two days later, it paused new sign-ups after demand outran its computing capacity, Caixin reported. The launch hit US chip stocks the same week.
China's Cyberspace Administration is investigating Moonshot and DeepSeek over user data allegedly routed to Anthropic's Claude, The Information reported in September. No penalties had been decided, and neither company commented.
What comes next
The next milestones are the outcome of the Recurrent talks and a public listing document on the Hong Kong exchange. The record below logs each step with its source, and the China AI stocks page tracks the Chinese AI companies already trading, including Kimi's rivals MiniMax and Z.AI.
