Goldman Sachs

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.

Kling AI has selected China International Capital Corporation Limited (CICC), Goldman Sachs and UBS for a Hong Kong IPO that could happen as early as 2027 and is targeting at least $1 billion (RMB 7 billion), according to an October 6 report. Kling AI revenue exceeded $121 million (RMB 850 million) in Q2 2026, up more than 200% year over year, while Kuaishou Technology group revenue rose 1.4% to $5.08 billion (RMB 35.535 billion). After a July 2026 capital increase, Kuaishou Technology entities hold about 68% of the restructured Kling AI and majority voting rights; Kling AI models are integrated into Adobe Firefly, Runway and other external platforms.