Daily Brief ECM: Moonshot AI IPO: China’s Third AI Horse Priced Like the Favourite at US$50bn and more

• Moonshot AI has filed confidentially in Hong Kong for a US$3-5bn IPO and is marketing a US$50bn pre-IPO round, up fivefold since February on nine weeks of Kimi K3.
• Reported ARR passed US$1bn in August, but the method is undisclosed; US$50bn needs US$1.8bn of trailing-month ARR, or FY28E revenue of US$2.8-3.3bn, to clear our line.
• Our pre-committed discipline: participate at or below 28x trailing-month ARR, token allocation at 29-35x, avoid above 35x; gross margin, burn, compute and customer concentration are the prospectus tests.

• GeoVax Labs, Inc. is a clinical-stage biotechnology company developing human vaccines and immunotherapies against infectious diseases and solid tumor cancers using novel proprietary platforms.
• GEO-MVA Phase 3 clinical trial initiation is planned for Q4 2026, and Gedeptin® Phase 1/2 trial for advanced head and neck cancers completed.
• As of June 30, 2026, cash and cash equivalents were $3,143,422, sufficient to fund operations into October 2026.

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• Gravity Acquisition Corp. is a blank check company incorporated in the Cayman Islands to effect a business combination with one or more entities. Its efforts to identify a target business.
• The management team possesses deep capital markets, M&A execution, and operational experience, including leadership at Tapestry, Mars Acquisition Corp., Joint Fortune Capital, and Tricentis USA Corp.
• Total assets were $250,713,191 as of May 31, 2026 (As Adjusted). The auditor report expresses substantial doubt about the ability to continue as a going concern.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.