In today’s briefing:
- Moonshot AI IPO: China’s Third AI Horse Priced Like the Favourite at US$50bn
Moonshot AI IPO: China’s Third AI Horse Priced Like the Favourite at US$50bn
- 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.
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