At the beginning of August 2026, reports emerged that Moonshot AI was planning to submit its IPO application to the Hong Kong Stock Exchange as early as this month, aiming to raise approximately $3 billion. However, sources familiar with the matter have refuted this claim, stating that the company’s Series G funding round is still ongoing.
Although the company officially denied the rumor of a filing this month, Moonshot AI’s IPO preparations are clearly moving forward. On July 29, the company completed its corporate restructuring, changing its main entity to Beijing Moonshot AI Technology Co., Ltd. All key positions, including chairman, CEO, and CFO, have been filled, establishing a full governance structure required for a public company. This restructuring is a necessary step for mainland companies seeking a Hong Kong listing, and with this milestone achieved, most institutional barriers have been removed.
From a fundraising perspective, Moonshot AI’s path to capitalization is accelerating. The company’s Series F funding exceeded $3.5 billion, with a post-money valuation of $35 billion. Due to demand surpassing the target by more than threefold, the round closed early. The Series G (Pre-IPO) round, originally set to launch in August, has already begun, with a pre-money valuation target raised to $50 billion. Sources confirmed to Sci-Tech Innovation Board Daily, "The Series G funding is still in progress."
In summary, while Moonshot AI has not formally submitted its IPO application, the completion of its restructuring, the launch of its Pre-IPO round, and the distribution of IPO proposals to investors all signal that expectations for a Hong Kong listing within the year continue to rise.
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How Did KIMI Reach a $50 Billion Valuation?
Moonshot AI’s valuation trajectory in 2026 has been remarkably steep. After completing its Series C funding in December 2025, the company’s post-money valuation was about $4.3 billion. In 2026, it completed several funding rounds: the valuation rose to around $18 billion at the start of the year; after the Series D in May, it surpassed $20 billion; by the end of June, the pre-money valuation reached $31.5 billion; and following the Series F in July, it hit $35 billion. In just seven months, the valuation soared more than eightfold.
The main driver behind this surge was the launch of the flagship Kimi K3 large language model on July 16. With 2.8 trillion parameters, Kimi K3 is currently the world’s largest open-source model by parameter count. On the third-party Frontend Code Arena programming leaderboard, Kimi K3 ranked first with a score of 1,679, surpassing Claude Fable 5 and GPT-5.6 Sol—marking the first time an open-source model has outperformed all overseas closed-source models on a leading coding benchmark. Within just 48 hours of its release, user requests nearly maxed out the cluster’s capacity, prompting Moonshot AI to pause new C-end user subscriptions.
Rapid realization of commercial revenue is another pillar supporting the valuation. Moonshot AI’s annual recurring revenue (ARR) surpassed $100 million for the first time in March 2026, reached $200 million in May, and solidified at $300 million in June. API revenue now accounts for about 70% of total income, as the company shifts from relying on consumer subscriptions to enterprise services.
With a pre-money valuation of $50 billion and ARR of about $300 million, the valuation multiple is roughly 166x. Whether this is justified depends on Kimi K3’s ability to maintain its technological edge and continue translating that advantage into rapid revenue growth.
How Is Kimi K3’s Technological Breakthrough Reshaping the Industry?
The release of Kimi K3 not only boosted Moonshot AI’s valuation but also triggered structural changes across the global AI large model industry. On the renowned Arena AI model ranking platform, Kimi K3’s composite intelligence index placed it among the world’s top three. This marks the first time a Chinese open-source model has been ranked alongside the world’s top closed-source models in a leading evaluation.
Kimi K3’s launch also disrupted industry pricing. K3’s output is priced at 100 RMB per million tokens—over 3.5 times higher than its predecessor, yet still less than half the price of Anthropic’s flagship Fable 5. In response, Anthropic launched Claude Opus 5, which rivals Fable 5 in performance but is priced at only half as much. This combination of price hikes, competitors slashing prices, and a thriving open-source ecosystem shows that as open-source models approach closed-source capabilities, enterprise customers have more alternatives, and the industry’s pricing structure is undergoing fundamental change.
From a user perspective, Kimi K3 was downloaded over 930,000 times globally within a week of launch, with particularly strong growth in the US market. Sensor Tower data confirms Kimi’s expanding overseas presence.
For Moonshot AI, these technological breakthroughs are not just driving up primary market valuations—they are materially expanding the company’s commercial opportunities. With over 70% of revenue now from B2B API services and ARR tripling from $100 million to $300 million in just three months, the company is transitioning from a "technology narrative" to a "revenue narrative."
Why Is the Pre-IPO Round Suddenly in High Demand?
Moonshot AI’s Series G (Pre-IPO) round is officially underway, with a valuation of $50 billion. Insiders report that, following the K3 model’s launch, demand for this round has surged, and many institutions have already registered their investment intentions, with the closing schedule still being finalized.
This round sets clear requirements for investors: participants must complete payment by August 15. To be listed directly on the company’s shareholder register, investors must be institutions managing over $500 million in assets. The project team has a clear preference: "We prefer to publicly disclose shareholders who are top-tier institutions like Hillhouse or Sequoia."
If this new round follows industry convention—keeping dilution per round to around 10%—then at a $50 billion valuation, the fundraising size would approach $6 billion. Various equity transactions around the company are heating up in the primary market. Market sources say that equity blocks priced at previous valuations are now in high demand among institutions. For example, a state-owned fund’s $100 million investment is now worth $500 million. Additionally, shares sold at the old $30+ billion valuation were snapped up as soon as they became available.
The scramble in the primary market reflects both long-term institutional optimism for AI and the scarcity of high-quality Pre-IPO assets. With Zhipu AI and MiniMax already listed in Hong Kong, Moonshot AI, as a leading domestic large model company, is seeing its Pre-IPO shares become even more coveted.
How Can Retail Investors Participate in This Pre-IPO Opportunity?
Traditional Pre-IPO investment has long been dominated by institutions. Single transaction minimums typically run into the millions or even tens of millions of dollars, and investors must pass strict qualified investor checks. This structure has made it nearly impossible for retail investors to participate in value discovery before a company goes public.
Gate’s digital Pre-IPOs mechanism tokenizes traditional Pre-IPO equity or financing rights using blockchain technology, creating digital assets that can be subscribed to and traded on the platform. The current Moonshot AI (KIMI) asset certificate subscription is the latest application of this mechanism in the AI unicorn space.
The KIMI asset certificate is a Mirror Note issued before Moonshot AI’s IPO, mirroring the company’s market value both before and after listing. It is a Contingent Payout Note. Subscription runs from August 11, 2026, 07:00 UTC to August 13, 2026, 07:00 UTC. The subscription price is $105–$115 per share (final price subject to actual results), with an implied project valuation of about $50 billion. Both USDT and GUSD are accepted, with a minimum single subscription of 10,000 USDT or 10,000 GUSD.
Participate in the subscription: https://www.gate.com/ipos/34
After the subscription ends, KIMI asset certificates will be 100% unlocked and distributed by August 17, 2026, 07:00 UTC, and a dedicated market for trading will open about one month after distribution. The dedicated market trading fee is 1%. If the target company successfully lists, the platform will provide follow-up asset handling solutions as appropriate.
Gate is also offering multiple subscription benefits: eligible VIP users can participate in an exclusive airdrop program; users subscribing with GUSD enjoy a 3.8% yield on US Treasury bills, with daily automatic payouts and zero-fee redemption in the original currency. USDT subscribers who do not receive an allocation will receive a 3.8% annualized yield subsidy on their subscription funds.
Is There a Bubble Risk in the $50 Billion Valuation?
A high valuation brings higher growth expectations. "The faster the valuation rises, the more growth needs to be delivered in the future," said Yan Xiangtian, founding partner of Gengxin Capital. Moonshot AI must prove not only its model’s capabilities but also user retention, revenue growth, and a business model that can support a $35 billion or even $50 billion valuation.
Looking across the industry, China’s domestic large model sector is entering a phase of differentiation. In the first half of 2026, total AI funding in China exceeded 300 billion RMB, with DeepSeek, StepStar, and Moonshot AI together raising about 93 billion RMB—30% of the total market. At the same time, small and medium startups are finding it harder to raise funds, and the pace of market clearing is accelerating. In the secondary market, Zhipu, the world’s first listed large model company, has seen its market cap fall nearly 70% from its peak. This contrast serves as a reminder: primary market heat does not always carry over to the secondary market.
Moonshot AI also faces real challenges. Access to advanced computing power, overseas regulatory compliance, and global expansion all pose long-term risks. Compute cost pressures, fierce industry competition, and the challenge of sustaining commercialization are all real tests. Transitioning from a model company to a commercial AI enterprise, Moonshot AI must prove more than just technical prowess—its ability to turn model strength into recurring revenue and ecosystem advantages will determine whether it can justify its ever-rising valuation.
Moreover, Pre-IPO investment carries structural risks. Investors face risks such as overvaluation, long-term illiquidity, and a lack of verified financial data. As a Contingent Payout Note, the KIMI asset certificate has a fundamentally different pricing mechanism and risk profile compared to traditional equity investments.
How Will the Wave of AI Unicorn IPOs Reshape Capital Markets?
2026 is shaping up to be a pivotal year for AI company listings. SpaceX, the commercial spaceflight giant, went public on Nasdaq in June, and generative AI leader OpenAI is expected to launch its IPO in Q4. The combined valuation of the world’s top ten pre-IPO companies has swelled to over $4.5 trillion.
In China, Zhipu AI and MiniMax have already listed in Hong Kong. As a leading domestic large model company, Moonshot AI’s path to capitalization is closely watched. Industry observers believe the first half of 2026 marks a turning point for the AI application sector, with large model commercialization moving from technical validation to actual revenue generation.
For capital markets, the wave of AI unicorn IPOs signals the emergence of a new asset class. These companies’ valuation logic differs significantly from traditional tech firms—classic PS or PE multiples are not directly applicable. The market is exploring a new valuation framework for AI platform companies, and Moonshot AI’s IPO will be a key case study in this process.
From an investor access perspective, digital asset platforms are becoming vital bridges between traditional Pre-IPO markets and retail investors. Gate has built a diversified asset service ecosystem around Pre-IPOs, direct IPO access, stock trading, and gStocks tokenized securities. On July 31, 2026, Gate announced zero platform fees for US stock and ETF trading, covering over 10,000 US stocks and ETFs, further lowering the cost of global asset allocation for users.
As AI, RWA, and digital assets continue to converge, Pre-IPOs are becoming a crucial channel connecting innovative companies’ growth opportunities with global investors. Looking ahead, the trend toward global asset digitization will drive deeper integration across stocks, ETFs, RWAs, and other innovative asset classes.
Summary
Moonshot AI is at a critical juncture, transitioning from a primary market star to a public company. Its $50 billion Pre-IPO valuation, Kimi K3’s technological breakthroughs, and expectations for a Hong Kong listing this year form the core narrative for this AI unicorn. For investors, Gate’s digital Pre-IPOs mechanism offers a channel to participate in this round of AI asset value discovery, but it’s essential to fully understand the inherent risks of Pre-IPO investments—valuation, liquidity, and uncertainty. As the AI industry shifts from technical validation to commercial realization, rationally assessing opportunities and risks is the foundation for engaging with this emerging asset class.
FAQ
Q: Has Moonshot AI officially submitted its IPO application?
Not yet. On August 3, reports claimed Moonshot AI planned to submit its Hong Kong IPO application this month, but the company responded that this was inaccurate and that its Series G funding is still ongoing. However, the company has completed its corporate restructuring and is ready to file at any time.
Q: What’s the difference between the KIMI asset certificate and Moonshot AI stock?
The KIMI asset certificate is a Mirror Note issued before Moonshot AI’s IPO, mirroring the company’s market value both before and after listing. It is a contingent payout note and does not represent direct equity ownership. If the company successfully lists, the platform will provide follow-up asset handling solutions as appropriate.
Q: What is the minimum subscription for Gate Pre-IPOs?
For this Moonshot AI (KIMI) round, the minimum single subscription is 10,000 USDT or 10,000 GUSD, with a subscription price of $105–$115 per share and an implied project valuation of about $50 billion.
Q: What happens to subscription funds if Moonshot AI does not go public?
If the target company fails to list, or if the project is canceled due to preemptive rights or other reasons, refunds will be processed according to the rules. Any secondary market profits, losses, and fees will be adjusted per the mechanism.
Q: Is Moonshot AI’s $50 billion valuation justified?
A $50 billion valuation implies a multiple of about 166x ARR. Supporters argue that Kimi K3’s technological breakthroughs and rapid commercialization justify the valuation, but the high valuation also brings greater growth pressure—the company must continue to prove user retention, revenue growth, and the sustainability of its business model.
