Moonshot AI's Kimi closes >$3.5B Series F at $35B valuation; Series G Pre-IPO launched at $50B

Core Event

Chinese AI star company Moonshot AI's product Kimi has completed a Series F round exceeding $3.5 billion, reaching a post-money valuation of $35 billion. The round was oversubscribed by more than 3 times and closed early.

Even more notable is that the Series G (Pre-IPO) round, originally scheduled to launch in August, has started ahead of schedule, with a pre-money valuation set directly at $50 billion. There is almost no gap between the two rounds, with capital chasing accelerating month by month.

IPO Progress

Reports suggest Moonshot AI plans to submit its Hong Kong IPO application within this month, aiming to raise approximately $3 billion. However, sources subsequently denied the claim of "submitting this month." Nevertheless, the company has clearly begun dismantling its offshore red-chip structure to meet Chinese regulatory compliance requirements for overseas listings. The listing destination points to the HKEX, with a target window of late 2026.

Technology Driving Valuation

The frenzy of the Series F round is directly linked to the release of Kimi K3. This world's first trillion-parameter open-source large model topped global open-source leaderboards upon launch, receiving praise from Elon Musk, and claims to match or surpass mainstream Western frontier models in reasoning and coding capabilities.

Data from Qichacha shows that Moonshot AI completed its industrial and commercial registration change on July 30, updating its entity type to Joint Stock Limited Company—a standard procedure prior to an IPO. Simultaneously, the company reached an agreement with Alibaba for 20,000 Nvidia chips, significantly expanding its compute reserves.

Industry Background

Moonshot AI is one of China's "AI Six Little Dragons," alongside Z.ai (formerly Zhipu), MiniMax, StepFun, Baichuan Intelligence, and 01.AI, all belonging to the first tier. If successfully listed, it will become one of the largest AI company IPOs in Asia, further consolidating the HKEX's status as the preferred listing venue for Chinese tech companies.

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Sources: AIbase, Qichacha, lapaasvoice (2026-08-07)