Moonshot AI has stopped accepting new subscriptions for its Kimi K3 product, the company confirmed, after a sixfold jump in demand overwhelmed capacity. The pause comes as the Chinese AI startup races toward a planned $30 billion Hong Kong initial public offering within the next six months.
Why subscriptions were paused
The company didn't give a specific reason for the halt, but the sixfold surge in Kimi subscriptions suggests Moonshot AI couldn't keep up with the influx. Kimi K3 is the company's flagship consumer AI assistant, and the sudden spike likely strained infrastructure or support resources. Moonshot AI hasn't said when new sign-ups will resume.
Revenue and IPO timeline
Despite the pause, Moonshot AI's annual recurring revenue has hit $300 million, a figure that underscores the product's traction. The company is targeting a $30 billion valuation in a Hong Kong IPO within six months, according to people familiar with the matter. That would make it one of the largest tech listings in the city this year.
What happens next
Existing Kimi K3 subscribers aren't affected, Moonshot AI said. The company is expected to provide an update on when new subscriptions will reopen, though no date has been set. The IPO timeline remains unchanged for now, but the subscription pause could raise questions about scalability ahead of the listing.
