Beijing's AI leaders are rushing toward the public markets, using IPOs to fund an escalating arms race against U.S. frontier models.

Will startup give AI industry another 'DeepSeek moment'?

Kimi K3 beats most AI models, except OpenAI's GPT-5.6 and Anthropic's Claude Fable 5. Moonshot is now seeking a valuation of over $30 billion ahead of an IPO.