Moonshot chases $50bn valuation with a double raise

This article was published on July 22, 2026 Moonshot AI is raising money at a speed Silicon Valley rarely sees. Fresh off the launch of Kimi K3, the Chinese lab is closing one funding round and lining up another that could value it at $50 billion, all before a Hong Kong listing this year. The catch: open-weight AI is proving a hard way to make money. China’s Moonshot AI is raising money at a pace that would make most startups dizzy. The lab should close a round that values it at $31.5 billion in the coming days, Bloomberg reported. It then plans to open another almost immediately, targeting a valuation of as much as $50 billion. The second raise would begin as early as August. It would be the final private infusion before an initial public offering in Hong Kong, which could come as soon as this year. SCMP reported the same August timing, describing it as Moonshot’s last private raise before listing. The company is also unwinding its offshore “red-chip” structure by the end of this month. That clears the path for a domestic Chinese fundraising and the broader IPO push. The rush is built on one model. Moonshot released Kimi K3 last week, a 2.8-trillion-parameter open-weight system bi