According to reports, the AI unicorn Moonshot (Kimi) has submitted an A1 document to the Hong Kong Stock Exchange in a confidential manner this week, officially starting the process of listing on the Hong Kong stock market, and simultaneously advancing its final round of financing before the IPO with a pre-money valuation of 50 billion USD; regarding this rumor, Kimi has not commented.

Driven by rapid model iteration and accelerated commercialization, Kimi's capital activities have significantly accelerated. Since the beginning of this year, it has successively launched K2.5, K2.6, and K3 models, maintaining a rhythm of iteration every three months. Its Annual Recurring Revenue (ARR) quickly increased from over 100 million USD in early March to 300 million USD by mid-June, pushing the company's valuation from 4.3 billion USD at the end of 2025 to 35 billion USD after completing the financing in July, increasing by about eight times within more than half a year.

With the surge in model usage due to improved model capabilities, the cost of large model computing power has sharply increased, prompting Kimi to temporarily suspend new user subscriptions after the release of K3 to prioritize the needs of paying users. This also forced companies to seek funding through the capital market to expand computing power support for future development. Currently, competition in the AI sector has evolved from merely comparing model parameters to competing on commercialization metrics such as ARR, API calls, and enterprise-level customers.

With the upcoming release of K3.1, which focuses on improving reasoning speed and Agent capabilities, as well as the intensive efforts of top competitors such as Zhipu, MiniMax, and DeepSeek, Kimi's push into the secondary market not only marks a new stage in the commercialization and capitalization of domestic AI large models but also indicates that the leading groups will face a comprehensive test of their commercial monetization capabilities and technological application value.