❯ Moonshot AI files confidentially with the HKEX while raising at a $50 billion pre-money valuation

two things at onceMoonshot AI filed its A1 confidentially with the Hong Kong Stock Exchange this week, formally starting its listing process, while simultaneously raising a round at a $50 billion pre-money valuation that is likely its last before an IPO. The company declined to comment on the reports, saying it has nothing to disclose.

the valuation curveThe steepness deserves its own line: $4.3 billion at the end of 2025, $31.5 billion by the first half of 2026, more than a sevenfold rise; going from $18 billion to $50 billion took about three months. Revenue support comes from annual recurring revenue that reached $300 million in June, with strong performance after the Kimi K3 release. The company denied filing rumors in August; a confidential submission is the formal start of a process and does not contradict that denial.

the Hong Kong routeConfidential filing is a permitted HKEX process, and its benefit is keeping financial detail private until the hearing. Investors watching exit paths for Chinese AI companies should note the timing: Anthropic’s prospectus goes public after Labor Day targeting a late-September or early-October listing, while DeepSeek prepares for Shanghai’s STAR Market. Three listing windows sit in one quarter, and whoever prices first prices the other two. Watch how losses are presented in the prospectus, which decides the revenue multiple the public market will pay.

▪ SIGNALA company whose valuation rose sevenfold in six months is queuing to list — pricing power is being handed from private markets to public ones.