$50 billion! Kimi is heading for an IPO too—at 50 times ARR. Will Hong Kong investors bite?
Moonshot AI, Kimi’s parent company, has completed its final pre-IPO funding round, reportedly at a valuation of around $50 billion. It is moving ahead with plans for a Hong Kong IPO as early as the first quarter of 2027, aiming to raise up to $5 billion. Its valuation was still $31.5 billion in its previous funding round this summer—an increase of nearly 60% in just a few months.
Reports put Moonshot AI’s ARR at around $300 million in June and about $1 billion by October, with expectations of reaching $2 billion by year-end.
At a $50 billion valuation:
• $1 billion in ARR implies a 50x multiple
• If ARR reaches $2 billion by year-end, that implies a 25x multiple.
But there’s already a public-market benchmark. Rough estimates based on market caps and disclosed ARR put Zhipu at around 22x and Moonshot AI at around 50x. For every dollar of annualized revenue, the price the private market is putting on Kimi is more than twice what the public market is paying for Zhipu....
Buying into Kimi at this valuation is essentially a bet that its growth will continue to significantly outpace its peers. That feels like a pretty big ask.
And Kimi isn’t the only one heading to Hong Kong. Kuaishou’s Kling AI has reportedly picked CICC, Goldman Sachs, and UBS to prepare for an IPO, seeking to raise at least $1 billion.
Moonshot AI, Kimi’s parent company, has completed its final pre-IPO funding round, reportedly at a valuation of around $50 billion. It is moving ahead with plans for a Hong Kong IPO as early as the first quarter of 2027, aiming to raise up to $5 billion. Its valuation was still $31.5 billion in its previous funding round this summer—an increase of nearly 60% in just a few months.
Reports put Moonshot AI’s ARR at around $300 million in June and about $1 billion by October, with expectations of reaching $2 billion by year-end.
At a $50 billion valuation:
• $1 billion in ARR implies a 50x multiple
• If ARR reaches $2 billion by year-end, that implies a 25x multiple.
But there’s already a public-market benchmark. Rough estimates based on market caps and disclosed ARR put Zhipu at around 22x and Moonshot AI at around 50x. For every dollar of annualized revenue, the price the private market is putting on Kimi is more than twice what the public market is paying for Zhipu....
Buying into Kimi at this valuation is essentially a bet that its growth will continue to significantly outpace its peers. That feels like a pretty big ask.
And Kimi isn’t the only one heading to Hong Kong. Kuaishou’s Kling AI has reportedly picked CICC, Goldman Sachs, and UBS to prepare for an IPO, seeking to raise at least $1 billion.
