Moonshot AI plans a Hong Kong IPO after Kimi K3 topped global AI benchmarks, as the startup targets a $30 billion valuation and rapid growth.

Moonshot AI's Kimi K3 model rattled global markets, sending rival AI stocks down as much as 27% while raising questions about AI sector valuations.

Moonshot AI targets a Hong Kong IPO at a $20-30 billion valuation as its Kimi K3 model outperforms US rivals, triggering sell-offs in tech stocks and

People walk past the Moonshot booth promoting its Kimi K3 AI model, during the World Artificial Intelligence Conference (WAIC) in Shanghai, China, July 17, 2026. [Photo/Agencies]

The Chinese startup unveiled Kimi K3 on Friday, a model that it says delivers performance that rivals top-tier offerings from OpenAI and Anthropic PBC at a fraction of the cost.…