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Wency Chen

Ben Jiang

China’s Moonshot AI has attracted global investor interest spanning Europe, Asia and the Middle East, people familiar with the matter say, as international capital scrambles for access to Chinese frontier artificial intelligence labs, betting on their high-stakes race against US rivals.
The Beijing-based developer of the Kimi family of AI models has seen mounting interest from overseas players ranging from European investment firms to Middle East family offices, with some seeking indirect exposure through special-purpose vehicles (SPVs), according to people familiar with the matter, as well as public disclosures.
Moonshot was among the top three Chinese tech targets driving a surge in global inquiries alongside TikTok parent ByteDance, which remained privately owned, and humanoid maker Unitree Robotics, before it listed in Shanghai, according to a Hong Kong-based venture partner backed by Asia-Pacific family offices.
The person, who asked not to be identified as the discussions were private, said a dozen US-based funds had recently made inquiries about securing investment opportunities.
Chinese tech companies including Moonshot had “withstood enormous pressure” from various headwinds, earning respect among foreign investors who viewed them as bets worth backing, the person added.
The deal was a chance to gain exposure to a potential global top-tier AI developer ... and alternative to proprietary US frontier models
Investment firm Pyratz
Moonshot did not immediately respond to a request for comment on Wednesday. The company counts South China Morning Post owner Alibaba Group Holding as a backer.
Investors backing Moonshot include Singapore-based K3 Ventures, Paris-based Cathay Capital, Singapore’s Granite Asia, and investment firms Japanese Orix Group and South Korean Mirae Asset Financial Group, according to people familiar with the matter. The companies did not immediately respond to a request for comment on Wednesday.
The surging appetite comes as Chinese AI labs face soaring training and inference costs to keep pace with Silicon Valley peers. Moonshot has raised around US$5 billion since its founding in 2023, according to Paris- and Barcelona-based investment firm Pyratz, which announced earlier this month an investment in Moonshot.
The figure still lags the tens of billions being poured into leading US counterparts. To broaden its financial runway, Moonshot has confidentially filed for a Hong Kong initial public offering, the SCMP reported earlier in September.
Offshore investment vehicles have become a key pathway for international funds looking to bypass direct investment hurdles.
Pyratz said it invested in Moonshot through Techmind Moonshot AI, an SPV established with Paris venture firm Techmind.vc, in a round that valued the Chinese developer at US$30 billion pre-investment.
In an interview with the SCMP on Wednesday, Pyratz CEO Bilal El Alamy said Moonshot had “very good” product positioning in offering capable open-weight models that could be post-trained or self-hosted to cater to different needs.
Pyratz described the deal as a chance to gain exposure to “a potential global top-tier AI developer, a leading Chinese technology company, and an open-weight alternative to proprietary US frontier models”.
Other international backers have built positions through similar structures. London-listed Shaires Holdings said it committed US$5 million last month for an indirect economic interest in Moonshot.
Malaysia’s Falnas Capital and Dubai-based Stella Capital have also disclosed exposure to the Chinese start-up.
The rush for equity reflects a broader capital drive across China’s generative AI sector.
Hong Kong-listed Z.ai, also known as Zhipu AI, recently launched a roughly US$5 billion equity placement and convertible bond offering in Hong Kong to meet rising computing demand for its next-generation GLM foundation models.
That fundraising came just two months after Z.ai raised HK$31.4 billion (US$4 billion) in a July share placement, underscoring the relentless pace at which China’s AI champions are tapping global markets to build out their capabilities.
Additional reporting by Chong Ming Lee


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Start-up draws intense international interest through offshore vehicles chasing alternatives to US systems, insiders say


Start-up draws intense international interest through offshore vehicles chasing alternatives to US systems, insiders say.


Kimi creator Moonshot draws global funds seeking ‘top-tier’ Chinese AI developers: sources

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Start-up draws intense international interest through offshore vehicles chasing alternatives to US systems, insiders say

Start-up draws intense international interest through offshore vehicles chasing alternatives to US systems, insiders say