Moonshot AI Valuation Debate

Key Summary

Moonshot AI has filed for a Hong Kong IPO after a private round valued it at $50 billion, while rival DeepSeek is closing a funding round above 80 billion yuan ($11.9 billion). Investors are paying 50 to 74 times annualized revenue, a steeper multiple than OpenAI or Anthropic. The valuation of Moonshot AI depends on the peer group, with DeepSeek being more expensive, but growth and margins may soften the gap.