Beijing-based artificial-intelligence developer Moonshot AI is considering listings in both Hong Kong and Shanghai as it seeks capital and visibility in an increasingly competitive technology market, according to a report published Thursday.

The company has discussed a Hong Kong initial public offering with financial backers and may later pursue a listing on Shanghai’s STAR Market, the South China Morning Post reported, citing people familiar with the discussions.

Reuters reported last week that Moonshot had confidentially filed for a Hong Kong offering and was seeking to raise about $3 billion. The company had not publicly confirmed the dual-listing discussions at the time of the latest report.

Moonshot is best known for Kimi, its large-language-model platform. Its latest model, Kimi K3, was released in July and drew enough demand that the company temporarily paused new subscriptions while it worked to expand computing capacity.

A mainland listing could broaden access to Chinese investors and give Moonshot another financing channel. However, the plan is still exploratory and would face exchange procedures, regulatory review and changing market conditions before any shares could be sold.

The deliberations come amid a surge of fundraising by AI companies in China and abroad. Hong Kong has attracted several Chinese AI listings, while Shanghai’s STAR Market is designed to support companies in strategic technology sectors.

Investors will be watching Moonshot’s revenue growth, infrastructure costs and ability to convert interest in Kimi into a sustainable business. The timing and size of any offering may also depend on the performance of recently listed AI shares and the strength of the IPO pipeline.

Sources: Reuters; Associated Press.

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