Moonshot reportedly targets Hong Kong IPO amid founder equity dispute

Moonshot AI is reportedly preparing a Hong Kong stock offering for the first quarter of 2027 after completing private financing at roughly a $50 billion valuation. People familiar with the plans say the company is considering raising as much as $5 billion. The $50 billion figure describes the company's estimated value, not the proposed fundraising proceeds.

Separately, CEO Yang Zhilin and technology chief Zhang Yutao are reportedly discussing a settlement with investors connected to their earlier business, Recurrent.ai. The claimants allege that the executives established Moonshot without required approval and improperly transferred resources. Yang has denied wrongdoing, and a lawyer representing Moonshot disputed the claims' factual and legal foundations.

Moonshot develops the Kimi AI product family. Its research announcements list the release of Kimi K3 on July 16, 2026, following Kimi K2.6 in April. The proposed listing would bring the developer to public markets as it expands that product lineup.

Early investor discussions could begin in October, people familiar with the preparations say. The offering's timing remains subject to change, and the reported fundraising target is not a completed transaction.