Moonshot AI, the developer behind the Kimi large language model, is considering a Hong Kong listing as early as 2027 and has begun dismantling its offshore holding structure to clear the path for an IPO. The restructuring will proceed in two steps: the company will first buy back its overseas shares from U.S. dollar-denominated shareholders, then channel the relevant funds into its domestic entity. Moonshot AI previously closed its final private funding round at a valuation of roughly US$50 billion and is weighing raising as much as US$5 billion in the IPO. It has confidentially filed a listing application with the Hong Kong Stock Exchange. The company said it does not comment on market rumors or speculation. Founded by Yang Zhilin, Moonshot AI is best known for its Kimi series of large models. If it completes a listing at a US$50 billion valuation, it would rank among the largest IPOs by a Chinese large-model company.