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Moonshot AI Files for Initial Public Offering on Hong Kong Stock Exchange

Moonshot AI has confidentially filed for an initial public offering on Hong Kong's stock exchange. The Beijing-based startup aims to raise $3 billion in the offering, according to three people with knowledge of the plans.

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The company is also developing its flagship multimodal reasoning model, Kimi K3. The model features a 2.8-trillion-parameter sparse Mixture-of-Experts network. It supports text, image, and video inputs with a 1,048,576-token context window. Moonshot AI released the model as a hosted service on July 16, 2026, and published its open weights on July 27, 2026. Kimi K3 is positioned as an open-weight model that closes a significant gap to closed frontier systems on standard coding and reasoning suites. The model includes an always-on thinking mode. The administration announced that the model is available across four surfaces: the Kimi.ai chat app, the Kimi Work productivity tool, the Kimi Code terminal-based coding environment, and the Kimi API.

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