Moonshot AI (China) logo

Moonshot AI (China)

#20 on Setter30 Most recent: Q3 2026
Beijing, China Artificial Intelligence Filed

Moonshot AI is a Chinese artificial intelligence company founded in March 2023 by Yang Zhilin, Zhou Xinyu, and Wu Yuxin. The company develops foundation models with a focus on long-context capabilities and is best known for creating the Kimi chatbot and its open-weight Kimi K-series models. Kimi is one of China's fastest-growing AI assistants, and the July 2026 release of Kimi K3 drew global attention. Rapid fundraising through 2026 lifted Moonshot to a reported $35 billion post-money valuation, and in September 2026 it filed confidentially for a Hong Kong listing targeting about $3 billion.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2023

Employees

201–500

Total Funding

$9.2B

11 rounds

Latest Valuation

$35B

Jul 29, 2026

Secondary Signals (Note: SetterVC does not verify the accuracy of these)

5 signals
Fundraise Recent valuation ~$50B; amount not disclosed 2026-10-06

Reportedly closed final pre-IPO private round at ~$50B valuation, up from $35B in July; Hong Kong IPO targeted Q1 2027

Higher mark and nearing IPO; secondary supply likely tight, pricing upward

Regulatory Recent 2026-09-22

China's cyberspace regulator opened a probe into Moonshot (with DeepSeek) over data routed to Anthropic's Claude

Regulatory overhang days ahead of HK IPO filing; possible near-term liquidity drag

IPO Recent IPO seeks ~$3B raise; pre-IPO round targeting $50B valuation 2026-09-03

Confidentially filed for Hong Kong IPO, targeting ~$3B raise ahead of early-2027 listing

Concrete listing filing brings a near-term liquidity path into view

Restructuring Recent 2026-08-10

Overhauled corporate structure under Beijing pressure, delaying Hong Kong IPO timeline

Regulatory friction adds IPO timing risk; near-term liquidity delayed

Strategic Forward-looking 2026-08-10

Overhauling offshore structure under Beijing pressure, pushing planned Hong Kong IPO to next year

IPO liquidity window pushed out; reduces near-term listing-driven urgency

Funding

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Total raised $9.2B across 11 rounds

Last updated 10-10-2026

DateRoundAmount RaisedValuationLead Investors
Oct 6, 2026 Pre-IPO (Series G) Not disclosed $50B Not disclosed
Jul 29, 2026 Series F Bloomberg $3.5B $35B China National Artificial Intelligence Industry Investment Fund
Jun 30, 2026 Series E Not disclosed $31.5B *estimated Not disclosed

Valuation Trajectory

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

$500M $1B $2B $5B $10B $20B $50B 2024 2025 2026 Moonshot AI (China)

Entry · Angel

$300M

Jun 2023

Moonshot AI (China) today

$50B

Oct 2026 · latest mark

Moonshot AI (China) multiple

167x

valuation uplift since first round

Y-axis is logarithmic. Hollow dots = estimated valuations. Does not represent realized investor returns.

Leadership

  • Yang Zhilin

    CEO & Founder

  • Zhou Xinyu

    CTO & Co-Founder

  • Wu Yuxin

    COO & Co-Founder

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

  • OpenAI

    American AI research and deployment company known for ChatGPT and GPT models; global leader in LLMs with largest user base.

  • Anthropic

    AI safety focused company developing Claude, a multimodal AI assistant competing directly with OpenAI's models.

  • Baidu Ernie Bot

    Chinese search engine giant's AI chatbot product; primary domestic competitor to Kimi in China.

  • DeepSeek

    Chinese AI startup developing competitive LLM models with lower inference costs; emerged as strong competitor in 2024-2025.

  • Alibaba Qwen

    Alibaba Group's large language model and AI assistant; major investor in Moonshot while also competing in market.

  • MiniMax

    Chinese AI startup developing competitive LLM models; emerging player in China's AI market with strong team management capabilities.

Moonshot AI (China) Investment FAQ

Public status and buying access

No. Moonshot AI (China) is a private company and does not have a public stock ticker or trade on a public stock exchange. Its shares are generally held by founders, employees, investors, and other private shareholders. Buyers and sellers may be able to transact in Moonshot AI (China) shares through private secondary transactions, but any transaction depends on share availability, buyer and seller agreement, transfer restrictions, company approval rights, and any applicable right of first refusal. There is no guarantee that Moonshot AI (China) will complete an IPO or other liquidity event.

Yes, it is sometimes possible to buy Moonshot AI (China) shares pre-IPO through private secondary transactions. This depends on finding a willing seller, company approval, and satisfying any transfer restrictions or rights of first refusal.

Buyers interested in buying Moonshot AI (China) shares on the secondary market typically do so through SetterVC and other secondary-market platforms, subject to eligibility requirements, share availability, transfer restrictions, and issuer approval. Buyers may need to satisfy sophistication, accreditation, institutional, platform, regulatory, or other eligibility requirements before participating. Once eligible, buyers may be able to view listings, make bids, and work with a licensed broker through the transaction process. Buyers should ensure they have appropriate legal and financial advisors guiding them before completing any transaction.

The company's latest round valuation was approximately $35B as of Jul 29, 2026. The latest round valuation is often used as one reference point in secondary-market pricing, but secondary prices may be above or below that valuation at any given time. Secondary pricing can shift significantly based on post-round conditions, such as changes in company performance, supply-demand dynamics, share class, transaction size, transfer restrictions, or broader market shifts. Any implied valuation from a past round should be confirmed with a broker or through live market listings before relying on it.

Valuation and funding

Moonshot AI (China) was most recently valued at approximately $35B as of Jul 29, 2026. This is a private valuation and may differ from secondary pricing. Secondary shares may trade above or below this mark based on various factors. SetterVC and Setter Capital does not verify the accuracy of these valuations. Buyers and sellers should always confirm current valuations before completing any transaction.

Moonshot AI (China)'s valuation has changed over time based on funding rounds, tender offers, secondary-market indications, and other reported or collected valuation marks. Moonshot AI (China)'s valuation moved from approximately $300M as of Jun 1, 2023 to approximately $50B as of Oct 6, 2026. This comparison reflects company-level valuation marks and does not represent realized investor returns. Secondary-market prices may differ from these valuations based on share class, transaction size, transfer restrictions, supply and demand, company performance, and broader market conditions. SetterVC and Setter Capital does not verify the accuracy or completeness of valuation data, and buyers and sellers should confirm current information before relying on it.

Moonshot AI (China)'s latest disclosed funding round was a Pre-IPO (Series G) round in Oct 6, 2026. The round at an approximately $50B valuation. Primary funding rounds are different from secondary transactions: in a primary round, capital goes to the company, while in a secondary transaction, investors buy existing shares from current shareholders. Funding-round data reflects publicly reported or collected information and may be incomplete. The latest round valuation should be confirmed before it is used as a pricing reference.

Moonshot AI (China) has raised approximately $9.2B in disclosed funding across 11 rounds. These figures reflect primary capital raised by the company and do not include every possible secondary transaction, undisclosed round, debt facility, or private transfer. Reported funding totals can change as new rounds are announced or older round details are corrected. Eligible users can use SetterVC to track Moonshot AI (China)'s funding history alongside private-market activity where available.

Moonshot AI (China)'s disclosed investors include China National Artificial Intelligence Industry Investment Fund, Meituan Dragon Ball / Long-Z Investments, Alibaba, Tencent, Xiaohongshu and Meituan. Investor lists are based on public reporting, company announcements, and collected funding-round data, and may be incomplete. Participation in a prior funding round does not mean those investors are currently buying or selling shares. On SetterVC, eligible users can review Moonshot AI (China)'s funding history, valuation history, and private-market activity alongside other venture-backed companies.

Market context

Moonshot AI (China) currently ranks #20 on the Setter30 as of Q3 2026. The Setter30 is SetterVC's quarterly ranking of sought-after venture-backed private companies, based on private-market activity, valuation, growth signals, and other market indicators. Rankings are updated quarterly and can move as funding, demand, market conditions, and company milestones change.

Moonshot AI (China)'s most-cited competitors include OpenAI, Anthropic, Baidu Ernie Bot, DeepSeek, Alibaba Qwen and MiniMax. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.

Secondary-market demand for Moonshot AI (China) shares can be affected by company performance, revenue growth, profitability, funding history, valuation, investor interest, sector momentum, public-market conditions, expected timing of a liquidity event, and the availability of shares for sale. Demand can also be affected by transfer restrictions, company approval rights, right of first refusal processes, limited information, and the price expectations of buyers and sellers. Strong demand does not guarantee strong pricing, liquidity, or investment returns. Weak demand does not necessarily reflect the company's long-term prospects. Demand signals should not be treated as a recommendation or prediction of investment performance. Buyers and sellers should treat demand signals as informational and conduct their own diligence before transacting.

Selling and transaction mechanics

Sellers often rely on intermediaries and platforms, such as SetterVC and other secondary-market platforms, to identify potential buyers. The exact process varies by company and transaction, but sellers often begin by confirming their ownership, desired price, transferability, and any company approval or notice requirements. If the seller agrees with a buyer on acceptable price and terms, the company may need to be notified through a share transfer notice or similar process. If a right of first refusal, company approval right, or other transfer restriction applies, the seller may need to wait until that process is completed. The parties may then execute a purchase and sale agreement, complete required transfer documentation, and close if all required conditions are satisfied. Sellers should always seek proper legal and financial advice before completing the transaction.

Yes, current and former Moonshot AI (China) employees, early investors, and other existing shareholders may be able to sell vested shares before an IPO through a private secondary sale. This is not automatic; it depends on whether the shareholder has transferable shares, whether there is buyer demand, and whether the company's governing documents permit the transfer. Many companies require prior notice, company approval, or a right of first refusal before shares can be sold. Sellers should also seek proper legal and financial advice before proceeding.

A Moonshot AI (China) secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify Moonshot AI (China) through a share transfer notice or similar process. If Moonshot AI (China) or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.

In most private secondary transactions, parties commonly use a purchase and sale agreement that outlines price, terms, and conditions. They may also use share transfer documentation, often a stock transfer notice, share transfer notice, transfer instruction, or similar document, along with any required company approval or right of first refusal materials. Proof of ownership, such as a cap table entry, share certificate, brokerage statement, issuer confirmation, or administrator confirmation, may also be important. Buyers often request recent company financials, but private companies may limit disclosure. Since every deal varies, buyers and sellers should consult legal and financial advisors to understand which documents are needed.

Risk, diligence, and investor caution

Buying Moonshot AI (China) shares pre-IPO is risky. Shares are illiquid, no IPO or liquidity event is guaranteed, valuations can change, transfers may require company approval, and private companies may provide limited financial disclosure. Be prepared for total loss. SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, verify information, and seek independent legal and investment advice before proceeding.

Private secondary shares are typically illiquid. Unlike public stocks, there is no active public market, so selling them can be difficult and time-consuming. Sales depend on finding a willing buyer and often require company approval. Investors should be prepared to hold the shares for an extended period, with no guarantee of a future sale. Always assess your need for liquidity before investing.

SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but it does not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.

Before buying Moonshot AI (China) shares, a buyer should try to review the share class, price per share, implied valuation, transfer restrictions, ROFR process, company approval rights, seller ownership evidence, recent financing or tender-offer information, available financial information, information rights, resale restrictions, tax considerations, and expected liquidity paths. Not all information may be available for a private company. Buyers should confirm available diligence, process details, and information needs with their own legal, tax, and investment advisers.

SPVs carry risks. Examples include the need to confirm the company allows SPV-based transfers, verify that the SPV truly owns the shares or interests it claims to own, and ensure it has not sold more interests than it holds. Due diligence is essential. Seek legal and investment advice as needed.

Forward contracts carry risks. Examples include the seller refusing to transfer the shares at the future date, even if the seller owns them, the seller going bankrupt with creditors claiming the shares, or the seller committing the same shares to multiple parties. Due diligence is essential. Seek legal and investment advice as needed.

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