The most anticipated IPO in the Chinese AI field after Changxin is undoubtedly MOONSHOT, which has been reported by some media to have submitted IPO documents for the Hong Kong stock market. The dark side of the moon has attracted much attention mainly due to the following points: 1. The Kimi K3 has outstanding modeling capabilities, with 2.8 trillion parameters and open-source weights. Its code, inference, and agent task performance are close to the forefront of OpenAI and Anthropic, and it is known as another "DeepSeek moment" in the industry, ranking among the top in multiple benchmark tests worldwide; 2. Long text and open source have dual advantages. In the early days, it gained popularity by relying on the ability of ultra long context. Now, it adheres to the strategy of open source weight, spreads quickly in the ecosystem, attracts a large number of developers and overseas tools to access, and has obvious cost advantages. Even the Vibe coding model of Cursor, an AI programming company acquired by SpaceX, is built on the Kimi open-source model. 3. The commercialization growth rate is also very fast ARR quickly climbed from $100 million in March to $300 million in June, tripling in three months. API revenue accounted for over 70% of the total, and demand increased instead of decreasing after pricing adjustments. The revenue structure shifted from C-end to B-end. 4. Financing At the end of last year, a round of C-round financing with a valuation of about 4.3 billion US dollars was completed. In the first half of this year, the valuation of D-round financing reached nearly 20 billion US dollars, and the latest F-round financing valuation has reached 35 billion US dollars. Standing behind the dark side of the moon are Tencent, Alibaba, Meituan, China Mobile, Sequoia China IDG、 The National Artificial Intelligence Industry Investment Fund and other industry giants, as well as the top investment institutions and shareholders in China, should be among the top in the country. Of course, the most crucial aspect is that founder Yang Zhilin, as one of the top researchers in the field of AI big models, has extensive experience in Google/Meta research and can lead his team to continuously break through under limited computing power. The final domestically produced large models have firmly established themselves in the first tier and possess certain global competitiveness. It has to be said that the timing for @ Bitgetzh to launch the MOONSHOTUSDT (Dark Side of the Month) perpetual contract is just right, especially when it comes to the upcoming Hong Kong stock IPO. Support up to 10 times leverage, allowing users to participate in pre IPO price games in advance. Moreover, there is a "pricing discovery premium" on the first day of the AI Pre IPO perpetual contract launch, and this pattern is being repeatedly verified: SPCX+252% on the first day, OPENAI+38% on the first day, MINIMAX+25-35% on the first day, and ZHIPU+20% on the first day. MOONSHOT AI is the only target that has a triple narrative of 'Kimi hot product+$50 billion valuation+Hong Kong IPO approaching' - the first day premium should also be acceptable. Worth paying attention to