Two Chinese AI startups are reportedly pursuing IPOs. Moonshot AI, the Beijing-based developer of Kimi, is reportedly preparing a Hong Kong listing within six months, following a funding round valuing it at just over $30 billion. It recently released K3, a 2.8 trillion-parameter model. Its IPO follows peers Minimax and Z.ai, which debuted in Hong Kong in early January. DeepSeek, the Hangzhou-based AI lab, is pursuing an IPO on Shanghai’s STAR market as early as the second quarter of 2027. Despite not needing external funds, DeepSeek raised $7.4 billion in its first external funding round in June at a valuation north of $50 billion and is reportedly seeking fresh capital at a valuation as high as $71 billion. Some reports suggest it needed funds to retain talent. Its funding round included commercial investors like Tencent, JD.com, and CATL with a five-year lock-up and zero voting rights, while China’s National Artificial Intelligence Industry Investment Fund invested with voting rights and no lock-up. Founder Liang Wenfeng wrote the biggest check: 20 billion yuan. Companies regarded as “national champions” often pursue mainland Chinese listings, as seen with robot maker Unitree and Moore Threads.