Moonshot AI’s latest private round values Beijing lab at $50 billion as Yang Zhilin prepares Hong Kong listing

Moonshot AI, the Beijing lab behind the Kimi models, has been valued at $50 billion in its latest private funding round, according to people familiar with the matter, as founder Yang Zhilin moves the three-year-old company toward a Hong Kong listing. The figure follows a compressed sequence of raises in 2026 and comes as the company confidentially filed for an IPO that one source said could seek about $3 billion.