Story · Goldman Sachs
China's Moonshot AI pauses Kimi subscriptions amid demand surge and IPO preparations
Chinese AI startup Moonshot AI has temporarily halted new subscriptions for its newly launched Kimi K3 model due to overwhelming demand that strained computing capacity. The company is simultaneously preparing for a potential Hong Kong IPO, having engaged Goldman Sachs and CICC as advisers. Moonshot raised over $2 billion in May and is seeking up to $2 billion more, with a valuation reaching $30 billion. The Kimi K3, a 2.8 trillion-parameter open-weight model, is the world's largest of its kind. The capacity crunch highlights the intense competition and infrastructure costs in China's AI sector, as rivals like DeepSeek also seek capital. Moonshot will prioritize existing paid users and introduce a coding-specific subscription plan.
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