Moonshot AI Launches $500 Billion Pre-IPO Round as K3 Model Fuels Valuation Surge

Huo Xing Cai Jing reports, according to an exclusive report by the Science and Technology Daily, Moonshot AI has officially launched its G-round (pre-IPO) financing, with a valuation of $50 billion. Sources close to the matter revealed that funding demand surged sharply after the release of the K3 model, with multiple institutions already registering their investment interest. Investors must complete payment by August 15; to be directly listed on the shareholder register, an investor’s assets under management must exceed $500 million. The company’s F-round financing—valued at $35 billion—was fully settled last week, with actual proceeds reaching $3.5 billion. In April this year, the company’s valuation was approximately $18 billion, nearly tripling in just three months. According to insiders, the primary driver behind this sharp valuation increase is the release of the K3 model. On July 27, Moonshot AI officially open-sourced the full model weights of Kimi K3, becoming the world’s first publicly available large language model with 3 trillion parameters. Currently, API revenue accounts for over 70% of the company’s total revenue, and ARR has increased several-fold since the K3 launch. Regarding recent reports suggesting the company may submit its IPO application to the Hong Kong Stock Exchange as early as this month, a source responded that “the information is inaccurate—the G-round financing is still ongoing.” As of publication, Moonshot AI has not issued an official statement on the matter.