Chinese artificial intelligence developer Moonshot AI has raised USD 3.5 billion in its latest funding round, lifting its valuation to USD 35 billion, as first reported by Bloomberg.
Moonshot entered the round at a pre-money valuation of USD 31.5 billion and initially sought to raise USD 1–2 billion, according to reports. China’s National AI Industry Investment Fund was said to be among the lead investors.
The company has also begun planning a pre-IPO round and approaching potential investors. It is seeking to complete the round at a pre-money valuation of USD 50 billion.
Moonshot could list in Hong Kong as early as this year. It began preparing for a Hong Kong IPO early this year, with China International Capital Corporation and Goldman Sachs serving as joint underwriters.
The company reportedly notified shareholders in May that it had begun dismantling its variable interest entity (VIE) and red-chip structures, removing potential obstacles to a Hong Kong listing. It may have targeted July for completion of the process.
