Moonshot filed confidentially for a Hong Kong IPO at a $50 billion valuation, seeking $3 billion, after unwinding the offshore red-chip structure most Chinese startups use and redomiciling onshore to satisfy regulators, according to Reuters. The listing goes ahead even though senior US officials allege the Kimi developer ran on restricted Nvidia chips and distilled Anthropic’s models, claims Moonshot denies, and Treasury Secretary Scott Bessent has said he might add the company to a trade blacklist. That threat reaches beyond the share sale, because Moonshot has been negotiating revenue-sharing deals that would let Microsoft, Amazon, and Google host Kimi, the first such arrangement between a Chinese AI developer and a US cloud provider.
