Moonshot AI, a Beijing-based artificial intelligence startup, is accelerating its fundraising efforts ahead of a planned initial public offering (IPO) in Hong Kong. The company aims to close its current funding round later this month or early next month at a valuation of approximately US$30 billion, according to a person familiar with the matter. The firm is reportedly considering launching another financing round as early as August.

The upcoming round could value the company as high as US$50 billion, a substantial increase from its last funding round in May, when Moonshot raised capital at a US$20 billion valuation. This potential valuation would represent more than an 11-fold rise from the end of 2023. Investor interest in Chinese AI companies remains strong, underscoring robust momentum in the sector.

Moonshot AI recently released its Kimi K3 model, which has drawn comparisons to DeepSeek’s earlier breakthrough, often cited as a significant development moment in the industry. The company has indicated to investors that it may proceed with an IPO in Hong Kong within six months. Preparations for the public listing reportedly included dismantling parts of its offshore corporate structure earlier this year.

The rapid increase in Moonshot’s valuation follows a similar trend seen among competitors such as DeepSeek, a rival AI firm based in Hangzhou, Zhejiang province. DeepSeek has been negotiating a new financing round with a pre-investment valuation estimated around US$70 billion. This follows its Series A funding round concluded in June.

Moonshot AI did not respond to requests for comment. The mounting valuations and expedited fundraising rounds highlight growing investor enthusiasm for China’s emerging AI technology providers as the sector continues to evolve.