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Moonshot AI seeks Hong Kong IPO within six months after Kimi K3 surge

The startup said it paused new Kimi K3 subscriptions temporarily as demand outstripped capacity, while annual recurring revenue rose to $300 million in June.

Reported · Written up by our desk · Market Structure

Moonshot AI is seeking shareholder approval for a Hong Kong IPO within six months, according to CoinDesk, as the company closes a new funding round that could push its valuation above $30 billion.

CoinDesk reported that Moonshot has distributed a shareholder resolution for the listing and that the timing lines up with sharp growth tied to its Kimi K3 open-weight model. The outlet said annual recurring revenue reached $300 million in June, up from $200 million in April, and that the company temporarily paused new K3 subscriptions over the weekend due to demand exceeding capacity.

CoinDesk also linked the push to growing competitive pressure in AI, noting that Alibaba recently moved its Qwen3.8 model to open-weight. The outlet said open weights can reduce pricing power for American providers that charge by the token, and it tied the broader AI spending cycle to volatility in bitcoin and semiconductor stocks.

The article added that Moonshot’s K3 model has been seeing surging daily sales since its launch last week, and that a semiconductor selloff on Friday pulled crypto lower alongside it. It also said the strong performance is intensifying pressure on U.S. AI providers.

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