New Stock News | Rumor has it that The Dark Side of the Moon has secretly submitted its application to the Hong Kong Stock Exchange, officially starting its IPO.

According to media reports, Kimi () has submitted the A1 document to the Hong Kong Stock Exchange this week in a confidential manner, officially initiating the IPO process for its Hong Kong listing. A1 is one of the formal application forms submitted by companies seeking to list on the Hong Kong Stock Exchange. Kimi responded, stating: We do not comment on market rumors, and there is currently no information available for disclosure. At the same time, Kimi is advancing a new round of financing with a pre-money valuation of $50 billion. This is likely to be the last round of financing before Kimi's IPO. In late 2025, Kimi's founder, Yang Zhiling, mentioned that there was no urgency for an IPO in the short term. Since the beginning of this year, Kimi's iterations of models, commercialization, and capital activities have noticeably accelerated: K2.5 launched in January, K2.6 in April, and K3 was released in July, maintaining an almost three-month update rhythm. Meanwhile, according to previous reports, Kimi's ARR (Annual Recurring Revenue) surpassed $100 million in early March, and "The Science and Technology Innovation Board Daily" subsequently reported that this figure had exceeded $300 million by mid-June. Pricing in the primary market has also quickly risen. By late 2025, Kimi was valued at approximately $4.3 billion, surpassing $20 billion in May of this year. After the release of K3, Kimi completed another round of financing in July, with a post-money valuation reaching $35 billion, growing about 8 times in just over half a year. Now, they are pursuing the latest round of financing with a pre-money valuation of approximately $50 billion. Unlike traditional software companies, the marginal cost of additional revenue for model companies is very high; stronger models bring more calls but also quickly consume more computing power. After the release of K3, Kimi temporarily suspended new user subscriptions to prioritize computing power for existing paid users. To support the next round of model iteration and commercial growth, the company needs continuous financing and an expansion of computing power. Kimi's next model, K3.1, is also set to be released soon. At the end of July, there were related leaks on social media regarding K3.1, describing it as a minor iteration of K3, mainly optimizing inference speed and agent capabilities. As of now, K3.1 has not been officially released.