❯ Moonshot said to weigh a $3B-$5B Hong Kong IPO, listing as soon as this year

the sizeBeijing-based Moonshot is considering raising $3 billion to $5 billion in its planned Hong Kong IPO, which could come as soon as 2026, people familiar with the matter told Bloomberg. Per earlier reports, the company filed confidentially on September 3, its current funding round values it at about $50 billion, and Goldman Sachs, CICC and Deutsche Bank are on the deal.

the queueHong Kong is forming a line of Chinese model companies: Z.ai listed in January and just delivered its first interim report, Moonshot follows, and both face the pricing shadow of Shein’s flat debut this week. Demand for Moonshot rests on Kimi K3, released in July; its earlier plan was to file formally by September 30 and list at year-end or in the first quarter — the confidential filing came nearly a month early.

the referenceThe $3-5 billion range is far larger than Z.ai’s raise, and it lands in a market that now has a public comparable. What gets compared directly is Z.ai’s API revenue share and inference cost curve — the numbers Moonshot’s prospectus gives on those two lines decide whether $50 billion holds in the secondary market. Watch the revenue mix disclosure after the formal filing.

▪ SIGNALBy the time Moonshot lists, the market already holds Z.ai’s answer sheet — the second model company gets no room to price on narrative.