Reports published October 6, 2026, described separate possible IPO paths for Moonshot AI and DeepSeek: a Hong Kong listing for Moonshot and a Shanghai STAR Market listing for DeepSeek. Moonshot reportedly completed a private funding round at a valuation of about $50 billion; DeepSeek was still raising funds. An IPO is a company’s first sale of shares to public investors.
Moonshot AI’s private round and Hong Kong plan
Moonshot AI reportedly completed its latest private funding round at a valuation of about $50 billion. A previous round, described as taking place in summer 2026, valued the company at $31.5 billion.
The company was also reported to be targeting a Hong Kong IPO in the first quarter of 2027. The offering could raise up to $5 billion; that figure refers to possible IPO proceeds, not the company’s valuation.
DeepSeek’s ongoing raise and possible Shanghai listing
DeepSeek was reported to be nearing a funding round of at least 80 billion yuan, or about $12 billion, after initially seeking about 50 billion yuan. The total could approach 100 billion yuan. Tencent Holdings and CATL were named among the largest reported commitments.
The possible funding total and the company’s valuation are separate figures: DeepSeek’s financing round was also reported to have a 500 billion yuan valuation target. The round was expected to close in October, and DeepSeek was reported to have hired CITIC Securities to prepare a possible listing on Shanghai’s STAR Market.
The reported IPO targets
Moonshot AI’s reported target is the first quarter of 2027 in Hong Kong. DeepSeek’s reported plan points to early 2027 on Shanghai’s STAR Market. Both are prospective windows; neither describes a completed public offering.
