The balance of competition in China's large model industry is shifting sharply from "technology showcase" to "capital pricing".

According to TMT Post, Moonshot AI, which once said "not rushing to go public", has made a 180-degree turnaround recently. Reports say the company has begun contacting top investment banks such as CICC and Goldman Sachs, assessing the possibility of an IPO in Hong Kong. At the same time, Moonshot AI is launching a new round of $1 billion financing, with its pre-money valuation soaring to 17-18 billion USD.

Commercial Turning Point: K2.5 Model Becomes a "Money Machine"

The reason for the high premium given by the capital market lies in the fact that the commercial model of large models has been truly verified for the first time.

Performance Myth: With the release of the K2.5 model and the popularity of the "OpenClaw" intelligent agent framework, Moonshot AI achieved revenue exceeding the full-year level of 2025 within less than 20 days.

Reconstructing Logic: In the past, large models were seen as "money pits," but now, through multi-Agent (intelligent agent) scheduling, the consumption of Tokens has increased exponentially. Kimi K2.5 has entered the global Token consumption ranking, indicating that AI is moving from "chatting" to truly frequent "work" mode.

The Race for Listing: Competing for the "Third Company" Pricing Power

After Zhipu and MiniMax were listed on the Hong Kong stock exchange and their market value broke through 300 billion HKD, the secondary market has already set a "scale" for large model companies:

Securing Position: Moonshot AI and StepZen (recently valued at about 6 billion USD) are making every effort to compete for the spot of the "third large model company to go public."

Capital Cycle: For companies whose valuations have continuously jumped, going public is not only for fundraising, but also to convert book valuations into public market prices, thereby gaining stronger liquidity weapons in talent competition and computing power investment.

Global Division of Labor: Overseas Revenue Takes the Lead for the First Time

Chinese large model companies are tearing off the "local restriction" label. Data shows that Moonshot AI's overseas revenue has exceeded domestic revenue for the first time:

Payment Surge: Its individual subscription user payment orders increased by more than 8,000% in January compared to the previous month, and its global payment ranking jumped to the 9th position.

Technology Spillover: As API calls scale up, Chinese models are becoming an essential underlying capability in the global developer ecosystem.

Conclusion: From "Storytelling" to "Looking at Financial Statements"