China's Moonshot AI pauses Kimi subscriptions amid surging demand and IPO preparations
Chinese AI startup Moonshot AI has temporarily halted new subscriptions for its newly launched Kimi K3 model after demand overwhelmed computing capacity. The company is simultaneously preparing for a potential Hong Kong IPO, having engaged Goldman Sachs and CICC as financial advisers. Moonshot raised over $2 billion in May 2026, bringing total funding to $5.5 billion, and is now seeking up to $2 billion more at a $30 billion valuation. The Kimi K3 model, a 2.8 trillion-parameter open-weight system, is the world's largest of its kind but requires costly GPU infrastructure. U.S. export controls on advanced Nvidia chips exacerbate capacity constraints. Moonshot will prioritize existing paid users and introduce a coding-specific subscription plan. Competitors like DeepSeek and Alibaba are also racing to expand compute capacity.
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