Moonshot AI reportedly targets $50 billion valuation in final pre-IPO round

Moonshot AI, developer of the Kimi chatbot, reportedly plans to begin talks in August for a final pre-IPO funding round targeting a pre-money valuation of up to $50 billion, with a potential Hong Kong listing within six months. The company's annual recurring revenue reached $300 million in June, up from $100 million in March. Moonshot released Kimi K3 on July 17 and paused paid subscriptions for new consumer users two days later after demand exceeded available capacity.