Moonshot AI, developer of the Kimi large language model, has confidentially filed for a Hong Kong IPO after closing its final private round at a $50 billion valuation, with plans for a Q1 2027 listing that could raise up to $5 billion. The Beijing-based firm, one of China’s leading AI labs, accelerated growth following the July 2026 launch of its Kimi K3 open-weight model, which features a 2.8-trillion-parameter scale and strong benchmark results. Annual recurring revenue has surged from $300 million in June to $1 billion currently, with projections reaching $2 billion by December, supported by interest from U.S. cloud providers for hosting deals. Early investor meetings are expected soon, though an ongoing equity dispute with former shareholders seeking roughly $700 million in claims and a data-security regulatory probe introduce timing uncertainty for the world’s largest pure-play generative AI IPO.