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The Beijing-based developer of the Kimi K3 large language model is valued at $50 billion in an ongoing funding round
Beijing-based Moonshot AI has grown into one of China's most valuable AI startups, known for its Kimi models capable of processing unusually long text sequences.
Moonshot AI has confidentially filed for an initial public offering on Hong Kong's stock exchange, according to Reuters, which cited three people with knowledge of the plans. The Beijing-based startup is aiming to raise $3 billion in the offering, one of those people said.
The company's current funding round values it at $50 billion. By comparison, DeepSeek has been valued at around $74 billion and Z.AI at $66 billion, making both competitors worth considerably more. Regulatory approvals will determine when the listing can move forward, and the amount ultimately raised may shift based on prevailing market conditions, according to Reuters.
