Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
CFD
Stock CFD Derivatives
US Stocks
Access real US stocks and ETFs
HK Stocks
Trade quality Hong Kong-listed stocks
Korean Stocks
SK Hynix
Real Korean stocks and top assets
Stock Futures
High leverage, 24/7 trading
Tokenized Stocks
Backed by real stock assets
IPO Access
Unlock full access to global stock IPOs
GUSD
3.8%
Mint GUSD for Treasury RWA yields
Stocks Activities
Trade Popular Stocks and Unlock Generous Airdrops
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
#月之暗面传以500亿美元估值Pre-IPO Kimi K3 goes viral! Moonshot AI rumored to launch Pre-IPO round funding
On July 22, Bloomberg reported today that Moonshot AI plans to start the final round of private fundraising negotiations before heading to Hong Kong in August. The target pre-money valuation is $50 billion, or about RMB 339 billion.
The explosive launch of the Kimi k3 model has given this three-year-old company new room for valuation imagination.
Half a year ago, Moonshot AI’s valuation was still at $4.3 billion. Now its latest pre-money valuation in the current round has risen to $31.5 billion, or about RMB 213.5 billion. If the August round closes at $50 billion, in less than a year the valuation would jump from $50B to $5 billion—an increase of more than 7x.
Behind this is a financing curve pressed to the accelerator.
With just over half of 2026 already underway, Moonshot AI has reached its fifth round of funding. In China’s large-model unicorn space, there is no second company with the same pace. The money is coming in faster than product releases. From January to February this year, Moonshot AI completed three rounds of funding in succession, raising $500 million, $700 million, and $700 million respectively. Its valuation climbed from $10 billion to $18 billion. It raised another about $2 billion in May, with post-money valuation breaking $20 billion. A new round was launched in June, and the pre-money valuation jumped to $31.5 billion.
This round is expected to close within the next few days. After it completes, Moonshot AI will immediately begin Pre-IPO talks.
Bloomberg reports that the company could enter Hong Kong’s capital market in as fast as six months. Notably, the acceleration in fundraising is almost simultaneous with the release of Kimik3. After the model launch, user activity and call volumes surged sharply, prompting investors to reprice Moonshot AI’s commercialization outlook.
Model hype has become the hardest anchor for valuation.
A $50 billion pre-money valuation is already high on a global scale. OpenAI’s valuation in a funding round in 2025 was about $500 billion (via the Financial Times), while Anthropic was about $183 billion in the same period (via Reuters). If Moonshot AI hits its target, its scale would be close to one-quarter of Anthropic’s.
The domestic ranking tells an even clearer story. According to Caixin, Zhipu AI’s valuation is about RMB 200 billion, while MiniMax, Baichuan Intelligent, and others are mostly in the tens-of-billions-of-usd range. If Moonshot AI closes this round at $50 billion, it will clearly pull ahead of players in the same tier. But the faster the valuation climbs, the more direct the problems become.
Whether a large-model company’s revenue can support its valuation ultimately has to be settled by financial statements, no matter how high financing can push it. Moonshot AI has put its bet on Kimi’s C-end market. Kimik3 focuses on long-text and Agent capabilities (an intelligent agent that can autonomously orchestrate tools to complete multi-step tasks). After release, call volumes surged.
According to disclosures, Kimi’s monthly active users have consistently remained in the top domestic tier. For Moonshot AI, Hong Kong’s tolerance for unprofitable tech companies is a key reason it is going to Hong Kong rather than the U.S. The Hong Kong 18C chapter rules allow unprofitable specialist technology companies to list. Such a path has already been taken by SenseTime and Horizon. But liquidity in Hong Kong stocks is relatively thin, and there are not a few down-in-price-for-first-day cases. From $4.3 billion to $50 billion, Moonshot AI has covered in a year what it has taken other companies three or five years to do.
When the valuation rocket is kept alive by one round of financing after another, what ultimately determines where it lands is whether Kimi can turn traffic into sustainable revenue.
Do you think when Moonshot AI lists in Hong Kong, Kimik3’s commercialized revenue can support a $50 billion valuation?
On July 22, Bloomberg reported today that the company behind the Dark Side of the Moon plans to begin the final round of private financing talks before going public in Hong Kong in August, aiming for a pre-money valuation of $50 billion, about RMB 339 billion.
The sudden breakout of the Kimi k3 model has given this company—founded 3 years ago—new room for valuation imagination.
Half a year ago, the Dark Side of the Moon’s valuation was still $4.3 billion; now the latest round’s pre-money valuation has risen to $31.5 billion, about RMB 213.5 billion. If the August round closes at $50 billion, then in less than a year, the valuation would jump from $4.3 billion to $50 billion—up more than 7 times.
Behind it is a financing curve with the accelerator pushed to the floor.
Just after the first half of 2026, the Dark Side of the Moon has already reached its fifth round of funding. In China’s large-model unicorn landscape, there isn’t a second company with comparable fundraising momentum and density. The money is coming in faster than product releases. From January to February this year, the company completed three rounds of financing in succession, with amounts of $500 million, $700 million, and $700 million, respectively. Its valuation climbed from $10 billion to $18 billion. Then in May it raised about $2 billion more, pushing post-money valuation above $20 billion. A new round was launched in June, and the pre-money valuation jumped to $31.5 billion.
This round is expected to close within the next few days. After completion, the Dark Side of the Moon will immediately kick off Pre-IPO negotiations.
Bloomberg reports that the company could enter Hong Kong’s capital markets in as little as 6 months. Notably, the acceleration of financing and the release of Kimi k3 are almost perfectly synchronized. After the model was released, user engagement and call volume surged, prompting investors to reprice the company’s commercialization prospects.
Model heat has become the hardest anchor for valuation.
A $50 billion pre-money valuation is not low on a global scale. OpenAI’s valuation in a 2025 funding round was about $500 billion (according to The Financial Times), while Anthropic’s was about $183 billion in the same period (according to Reuters). If the Dark Side of the Moon hits its target, its scale would be close to one quarter of Anthropic.
The domestic rankings make the point even clearer. According to Caixin, Zhipu AI is valued at about RMB 200 billion, while MiniMax, Baichuan Intelligence, and others are mostly in the range of tens of billions of dollars. If the Dark Side of the Moon closes this round at $50 billion, it will clearly pull away from peers in the same cohort. But the faster the valuation rises, the more directly the problem comes.
Whether a large-model company’s revenue can support the valuation—built through fundraising—ultimately has to be settled by financial statements. The Dark Side of the Moon is placing its bet on the Kimi C-end market. Kimi k3 focuses on long-form text and Agent capabilities (Agent, an intelligent agent that can autonomously orchestrate tools to complete multi-step tasks). After its release, call volume surged.
According to the company’s disclosures, Kimi’s monthly active users have remained firmly in the top domestic tier. Hong Kong’s tolerance for unprofitable technology companies is a key reason the Dark Side of the Moon is targeting Hong Kong rather than the U.S. Under the 18C chapter rules, unprofitable specialized technology companies are allowed to list; companies like SenseTime and Horizon Robotics have taken this route as well. However, liquidity in Hong Kong stocks tends to be thin, and there are plenty of cases where listings quickly fall below the offering price. From $4.3 billion to $50 billion, the Dark Side of the Moon has completed in one year what other companies may take 3 to 5 years to do.
When the “valuation rocket” is kept alive by successive funding rounds, what truly determines where it lands is whether Kimi can turn traffic into sustainable revenue.
Do you think when the Dark Side of the Moon lists in Hong Kong, Kimi k3’s commercialization revenue can support a $50 billion valuation?