---
title: "Half-year valuation breaks through $31.5 billion! Moonshot AI rushes to Hong Kong stock market AI IPO"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42823799.md"
description: "!!! Moonshot AI has already submitted its Hong Kong IPO plan to core investors, and the process could be completed in as little as six months, with a potential listing by year-end. The valuation of this AI company has been nothing short of magical: it was valued at $4.3 billion last November, but within just half a year, after completing a new round of financing, its pre-money valuation skyrocketed to $31.5 billion, with cumulative financing exceeding $3.9 billion. On the commercialization front, the company recently released the Kimi K3 open-source model with 2.8 trillion parameters. Despite controversy over compute constraints, its revenue growth has been rapid, with H1 ARR (Annual Recurring Revenue) breaking through $300 million in mid-June..."
datetime: "2026-07-21T08:46:52.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42823799.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42823799.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42823799.md)
author: "[啊哈哈哈哈嗨](https://longbridge.com/en/profiles/27160598.md)"
generator: "portal-rs"
---

# Half-year valuation breaks through $31.5 billion! Moonshot AI rushes to Hong Kong stock market AI IPO

!!! Moonshot AI has already submitted its Hong Kong IPO plan to core investors, and the process could be completed in as little as six months, with a potential listing by year-end.

The valuation trajectory of this AI company has been 堪称 magical: it was valued at $4.3 billion last November, but within just half a year, after completing a new round of financing, its pre-money valuation soared to $31.5 billion, with cumulative financing exceeding $3.9 billion.

In terms of commercialization, the company recently released the Kimi K3 open-source model with 2.8 trillion parameters. Despite controversy over compute constraints, its revenue growth has been rapid, with H1 ARR (Annual Recurring Revenue) breaking through $300 million in mid-June, supporting its high valuation. Behind it are heavy investments from Alibaba, Tencent, and "national team" funds.

Comparing peers, Zhipu and MiniMax have seen static price-to-sales ratios of hundreds of times post-listing. Based on a $31.5 billion valuation and $300 million ARR, Moonshot AI's implied P/S ratio exceeds 100x. While there is still upside room compared to listed AI companies, it is certainly not the "absolute undervaluation" of 20x; one should remain vigilant against volatility driven by market sentiment shifts.

With this news, compute power, AI applications, and upstream chip supply chains may all benefit. However, the listing timeline is merely market speculation with significant variables, so don't rush to heavily bet on the theme yet.

Tiaotang will continue to track capital trends in the AI sector. Thanks for following!

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**