Moonshot AI is preparing for a Hong Kong initial public offering as early as this year and could raise between $3 billion and $5 billion, according to people familiar with the matter. The company has reportedly submitted a confidential listing application as it looks to meet strong investor demand. Bank of America has been appointed global coordinator for the proposed IPO, with CICC, Deutsche Bank, and Goldman Sachs serving as sponsor banks. The plans remain under discussion, and the final fundraising size and timing could still change. A previous report said Kimi parent Moonshot AI was pursuing a Hong Kong listing at a $50 billion valuation.