Moonshot AI IPO push follows Kimi, Alibaba AI releases that shook bitcoin
Chinese AI startup Moonshot AI is preparing for a Hong Kong IPO following the successful release of its K3 model, which has disrupted the semiconductor market. Simultaneously, Alibaba has released its Qwen3.8 model as an open-weight system, intensifying competition with American AI providers.
The company has distributed a shareholder resolution seeking its backers' approval for a Hong Kong listing, Bloomberg reported Monday, a step that signals an IPO could come within half a year. The company is also wrapping a funding round that may value the three-year-old startup at more than $30 billion, up from the $20 billion it commanded in a Meituan-led round in May.
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