capital · May 22, 2026
Moonshot AI abandons VIE structure for Hong Kong listing at $20 billion valuation
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Moonshot AI told shareholders it will unwind its variable-interest-entity (VIE) structure registered in the Cayman Islands to enable a Hong Kong IPO. The Beijing company behind Kimi has raised $3.9 billion since November 2025, including a $2 billion round at over $20 billion valuation led by Meituan’s venture arm with China Mobile participation. Annualized revenue hit $200 million in April 2026. The restructure could take several quarters, with a potential listing in late 2026 or early 2027. Moonshot initially sought an exemption under revised CSRC IPO rules but pivoted to full unwinding.
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