September 10, 2026, (Inside AI) — Beijing-based AI startup Moonshot is exploring dual listings in Hong Kong and Shanghai, according to two people familiar with the matter. The developer of the Kimi large language model has discussed a Hong Kong IPO with financial backers and floated a subsequent mainland listing.
The company is likely to target the Shanghai Stock Exchange's STAR Market and could soon begin talks with the bourse, one source said. The STAR Market, officially the Science and Technology Innovation Board, has recently attracted Chinese technology firms including Unitree Robotics.
The dual-listing exploration reflects weaker performance among Hong Kong-listed AI stocks and a crowded IPO pipeline in the city, the sources indicated. Moonshot could not immediately be reached for comment.
Reuters reported last week that Moonshot had confidentially filed for a Hong Kong IPO, aiming to raise $3 billion. A listing would add to a global wave of AI fundraising, with Anthropic preparing an offering by October and Chinese firms Z.AI and MiniMax having listed in Hong Kong this year.
Moonshot's latest model, Kimi K3, launched in July to positive reviews and strong demand. Sources said the startup is in talks with Microsoft, Amazon, and Google on revenue-sharing agreements to host the model on U.S. cloud platforms.
Dual Listing Signals Strategic Shift
The move toward a mainland listing marks a strategic pivot for Chinese AI firms. Hong Kong has been the traditional gateway for tech IPOs, but recent market softness has pushed companies to seek domestic capital. The STAR Market offers higher valuations and access to mainland retail investors, a key advantage for AI startups facing intense competition.
Moonshot's potential dual listing would be among the first for a major Chinese AI model developer. The company's Kimi K3 has gained traction in China's crowded LLM market, competing with Alibaba's Qwen and Baidu's Ernie. A dual listing could provide the capital needed to scale infrastructure and expand internationally.
Global AI IPO Wave Accelerates
Moonshot's plans come amid a surge in AI-related public offerings. Anthropic's upcoming listing, expected by October, has drawn significant investor interest. Chinese firms Z.AI and MiniMax have already tested Hong Kong's appetite for AI stocks, with mixed results.
The revenue-sharing talks with U.S. cloud providers signal Moonshot's ambition to monetize Kimi K3 beyond China. Such partnerships could generate recurring revenue and validate the model's technical capabilities. However, geopolitical tensions and export controls may complicate cross-border AI collaboration.
The startup's dual-listing exploration also highlights the growing importance of domestic capital markets for Chinese tech firms. As U.S.-China tensions persist, mainland exchanges offer a more predictable regulatory environment and alignment with national AI development goals.
