Reports that Chinese artificial intelligence company Moonshot AI is preparing for an IPO in Hong Kong have intensified in recent weeks, with market reports indicating that it could file a listing application with the Hong Kong Stock Exchange as soon as August, or by September 30.
The pattern resembles the run-up to the listings of Z.ai and MiniMax.
Throughout 2025, Moonshot AI was among China’s most closely watched large language model (LLM) developers, alongside companies such as DeepSeek. But when it came to the public markets, Z.ai and MiniMax moved first, completing their Hong Kong listings ahead of Moonshot AI.
Moonshot AI did not appear to be in a rush. In an internal letter at the end of 2025, founder Yang Zhilin said the company held more than RMB 10 billion (USD 1.5 billion) in cash after completing its Series C round and could still raise substantial capital privately. As a result, he said, there was no urgency to go public in the short term.
But the experience of Z.ai and MiniMax since listing has highlighted another benefit of the public markets: an IPO is not just a one-time fundraising event; it also creates a channel for follow-on financing.
