Alibaba Group-backed (BABA) Moonshot AI is preparing for an initial public offering in Hong Kong that could take place within six months, Nikkei Asia reported Tuesday, citing people familiar with the matter.

Moonshot had launched a new funding round in late June that valued the company at about $31.5 billion before new investment, according to the report.

The company's annual recurring revenue exceeded $300 million in mid-June, with application programming interface sales accounting for more than 70% of total revenue, the report said.

Moonshot AI did not immediately respond to MT Newswires' request for comment.

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