Moonshot AI is reportedly seeking a final round of fundraising in August, before listing in Hong Kong, at a valuation of nearly $50 billion.

Moonshot AI plans a Hong Kong IPO at up to $30 billion valuation after its Kimi K3 model with 2.8 trillion parameters triggered US tech stock selloffs.

Days after Kimi K3 rattled chip stocks, Moonshot is moving toward a Hong Kong listing at a $30 billion-plus valuation while Alibaba's Qwen goes open-weight.