Sources: The Dark Side of the Moon is considering a Hong Kong listing and has initiated discussions with Goldman Sachs and other firms.

On March 26, Bloomberg reported that the parent company of AI chat assistant Kimi, Moon Shadow, is in the preliminary stages of considering an initial public offering (IPO) in Hong Kong. They have begun discussions with China International Capital Corporation (CICC) and Goldman Sachs regarding the listing partnership. The specific timing has not been determined, and plans are still underway; it may also be canceled. Both Moon Shadow and Goldman Sachs declined to comment, and CICC did not respond. After completing a fundraising of over $700 million earlier this year, Moon Shadow is negotiating a new round of financing, potentially up to $1 billion. Following this round of funding, the company’s valuation could reach approximately $18 billion. At the end of last year, its Series C valuation was about $4.3 billion, with rapid valuation growth since then. Founder Yang Zhilin stated in an internal letter at the end of last year that the company has 10 billion RMB in cash and is “not in a rush to go public.” There were also rumors in December last year about a backdoor listing, which the company denied. Competitors in the same sector, Zhipu and MiniMax (Xiyu Technology), have already gone public on the Hong Kong Stock Exchange. Leveraging the investor enthusiasm sparked by their listings, Moon Shadow has been accelerating private market fundraising.