Moonshot AI plans Hong Kong IPO within six months as Kimi K3 model rattles tech and crypto markets

Moonshot AI plans a Hong Kong IPO within six months, targeting a valuation between $20 billion and $30 billion. This follows the release of its Kimi K3 model, which outperforms US rivals. The model's performance has caused sell-offs in tech stocks and crypto markets. The company aims to capitalize on the success of Kimi K3 as it prepares for its public listing, signaling a major shift in the competitive landscape of the AI industry.