# China's Moonshot AI Raises $3.5B Pre-IPO Round at $35B Valuation, Targets Hong Kong Listing by Q1 2027

> Moonshot AI, one of China's most closely watched AI startups, has raised $3.5 billion in a pre-IPO round that values the company at $35 billion. The financing, reported in late July, drew a mix of state-owned entities and venture firms, and the company is already said to be lining up a further round targeting a $50 billion valuation. The raise sets up a move to the public markets. Moonshot is preparing to file for a Hong Kong listing, potentially as soon as the end of September, with an IPO expected late this year or in early 2027. Much of the momentum traces to its Kimi K3 model, which has helped establish the company as a serious contender alongside DeepSeek and Alibaba in China's crowded model race. The scale of the numbers is a reminder that the AI funding boom is not a purely American phenomenon. With deep domestic backing and a clear path to the public markets, China's leading labs are raising sums that rival their Western peers, and doing it largely outside the reach of US investors.

_Section: [AI Funding Tracker](https://www.wortins.com/funding) · Source: Bloomberg · Published Wednesday, August 19, 2026_

## Wortins' read

Moonshot AI, one of China's most closely watched AI startups, has raised $3.5 billion in a pre-IPO round that values the company at $35 billion. The financing, reported in late July, drew a mix of state-owned entities and venture firms, and the company is already said to be lining up a further round targeting a $50 billion valuation. The raise sets up a move to the public markets. Moonshot is preparing to file for a Hong Kong listing, potentially as soon as the end of September, with an IPO expected late this year or in early 2027. Much of the momentum traces to its Kimi K3 model, which has helped establish the company as a serious contender alongside DeepSeek and Alibaba in China's crowded model race. The scale of the numbers is a reminder that the AI funding boom is not a purely American phenomenon. With deep domestic backing and a clear path to the public markets, China's leading labs are raising sums that rival their Western peers, and doing it largely outside the reach of US investors.

## Source

[Read the full story at Bloomberg](https://www.bloomberg.com/news/articles/2026-07-29/china-s-moonshot-ai-passes-funding-goal-to-hit-35-billion-value)

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