October 12, 2026
Moonshot in talks ahead of IPO: Recurrent.ai demands over $700 million
On Oct 12, Reuters reported that Moonshot's top executives are negotiating a settlement of a dispute with shareholder Recurrent.ai ahead of the planned Hong Kong IPO. Recurrent and its investors are demanding compensation for 10.5% of the original shares. At the $30 billion valuation from the June funding round, that is more than $700 million. Moonshot declined to comment on the talks.
The arbitration in Hong Kong has been running since 2024. Recurrent.ai and its investors accuse CEO Yang Zhilin and CTO Zhang Yutao of false representations and of enriching themselves at Recurrent's expense. The claims are set out in a letter from lawyers dated March 11. In November 2024, Moonshot's lawyers called them “without legal or factual basis” and said they would contest them.
Allegations unverified. According to the plaintiff, in April 2023 servers holding language model data were transferred to a Moonshot subsidiary without Recurrent's permission. In September 2024, key data was deleted on Zhang Yutao's orders. Reuters could not verify these claims.
Meanwhile, the IPO is getting closer. In September 2026, Moonshot confidentially filed for a listing in Hong Kong. According to the secondary aggregator Cryptopolitan, the company is targeting a valuation of about $50 billion. The figures have not been checked against Reuters. The materials say nothing about Moonshot's models, API or pricing.
The outcome is still unknown, and according to Cryptopolitan, the listing is targeted for early 2027.