Bank of America

Moonshot AI (月之暗面) has closed a pre-IPO private round that values it at about $50 billion (RMB 350 billion), up from $31.5 billion in the summer. It has filed confidentially for a Hong Kong listing planned for the first quarter of next year, aiming to raise up to $5 billion; Bank of America is the overall coordinator, with CICC, Deutsche Bank and Goldman Sachs as sponsor banks. Its backers include Alibaba, Tencent and 5Y Capital, and people familiar say annual recurring revenue is $1 billion, expected to reach $2 billion by December.