Moonshot AI Unwinds Offshore Structure, Plans Hong Kong IPO in Early 2027

On November 13, citing insider sources, The Wall Street Journal reported that Kimi large model developer Moonshot AI is considering listing in Hong Kong as early as early 2027, and has begun dismantling its overseas holding structure to pave the way for an IPO.

Insiders said the restructuring path involves the company first repurchasing overseas shares from foreign shareholders, followed by directing the relevant funds to invest in the domestic entity. Previously, Bloomberg reported that Moonshot AI has completed its latest round of private financing, valuing the company at approximately $50 billion, and is considering raising up to $5 billion in the IPO, while also submitting a confidential listing application to the Hong Kong Stock Exchange. When responding to media inquiries, the company declined to comment on market rumors or speculation.

Moonshot AI was founded by Yang Zhilin and primarily focuses on the Kimi series of large models. If listed at a $50 billion valuation, it would become one of the largest IPOs among Chinese large model companies.