Moonshot Plans and the "Chinese Nvidia" Soaring 200%: What You Need to Know About the IPO by September 13

Chinese AI startup Moonshot is considering a dual listing in Hong Kong and Shanghai. U.S. chipmaker Altera, backed by Intel and Silver Lake, is preparing for an IPO that could take place as early as this year and raise more than $2 billion. Shares of Chinese AI chipmaker Enflame rose more than 200% after its debut in Shanghai, and demand for the shares exceeded the supply allocated to retail investors by more than 6,000 times. Check out our roundup of the week’s top events in the initial public offering market.

— Altera, backed by Silver Lake and Intel, is preparing for an IPO that could take place by the end of the year and raise more than $2 billion, sources told Reuters. Barclays, Citi, JPMorgan, and Morgan Stanley have been selected as underwriters for the offering. The company, which manufactures programmable chips for data centers, telecommunications, industrial applications, defense, and AI, may confidentially file for a listing in the coming weeks. Intel acquired Altera for $16.7 billion in 2015 and sold a 51% stake to Silver Lake in 2025 in a deal that valued the company at $8.75 billion. Altera’s IPO will be one of the largest offerings by a chipmaker since Arm’s in 2023, the agency notes.

— Chinese AI startup Moonshot, the developer of the Kimi model, is considering a dual listing in Hong Kong and Shanghai, according to the South China Morning Post. The company has already discussed an IPO in Hong Kong with investors and may subsequently list on the Shanghai STAR Market. According to Reuters, Moonshot previously filed for a Hong Kong IPO on a confidential basis and expects to raise about $3 billion. Moonshot’s latest model, the Kimi K3, was released in July, and the startup is also in talks with Microsoft, Amazon, and Google about integrating the model into their cloud services.

— Chinese AI startup DeepSeek has enlisted CITIC Securities to prepare for an IPO on the Shanghai STAR Market and expects to begin the offering process as early as this year, sources told Reuters. The terms of the deal have not yet been determined. The company is seeking new capital to develop its computing infrastructure, models, and hire specialists. In June, DeepSeek raised approximately $7.4 billion at a valuation of over $50 billion, and is now conducting a new funding round that could value the company at $75 billion, the agency reports.

— Holtec Nuclear, a supplier of nuclear power equipment, announced that it plans to raise up to $900 million through an IPO in the U.S., offering investors 50 million shares at a price ranging from $15 to $18 per share. At the upper end of the range, the company’s market capitalization could reach approximately $10.2 billion. Holtec manufactures nuclear waste storage containers, participates in the decommissioning of retired reactors, and develops its own small modular reactors (SMRs). The company is going public amid growing interest in nuclear energy due to increased demand for electricity from data centers, Bloomberg notes. For the first six months of 2026, Holtec reported $205.6 million in net income on revenue of $269.9 million.

— Stratolaunch, a company specializing in hypersonic technology, may hold an IPO in the U.S. in October and raise up to $500 million, according to sources cited by Bloomberg. According to the sources, the company is aiming for a valuation of approximately $2–3 billion. Stratolaunch operates the only reusable platform in the U.S. for testing hypersonic vehicles and has already conducted more than ten successful flights of its fully autonomous aircraft, the Talon-A. Stratolaunch’s investors include the investment firms Elliott Investment Management and Cerberus Capital Management.

— Belron, a giant in the windshield market, may conduct one of the largest IPOs in Europe in recent years. According to Bloomberg sources, the company is considering a listing on the Amsterdam Stock Exchange as its preferred option and is in talks with potential underwriters. If Belron, whose portfolio includes the Autoglass, Carglass, and Safelite brands, goes public, it could be valued at more than 30 billion euros ($35 billion), the agency reports.

— Enflame, a Chinese AI chipmaker developing alternatives to Nvidia, saw its stock price rise 206% after its debut on the Shanghai Stock Exchange, according to CNBC. Demand for the shares from retail investors during the IPO exceeded supply by more than 6,000 times. The Tencent-backed company became the latest of the so-called “Four Little Dragons” of China’s AI chip industry to go public. Investors are counting on Enflame to fill the gap left by Nvidia amid U.S. export restrictions and Beijing’s push for technological independence. In 2025, Enflame’s revenue grew to 990 million yuan ($147 million), though the company remains unprofitable.

— Hong Kong is once again attracting financiers following a brain drain caused by the 2019 protests and strict COVID-19 restrictions, according to Reuters: this is being driven by an IPO boom and the city’s resurgence as a global financial center. In the first eight months of 2026, the volume of capital raised, including IPOs, grew by 76% to approximately $83.5 billion, and professionals are returning from Singapore, London, Dubai, and mainland China. Demand for professionals in asset management, private wealth, AI, compliance, and risk management is growing particularly strongly, the agency notes. In the first half of the year, more than 400 companies opened or expanded their operations in the city, which supported demand for office space and employment.

— Hong Kong’s Securities and Futures Commission (SFC) is simultaneously stepping up oversight of investment banks amid a boom in IPOs and stock offerings, Reuters reports. At a meeting with market participants, the SFC provided guidance on how companies should respond during searches, including granting regulators prompt access to employees’ email and computer systems. According to Reuters, there have been about eight inspections of brokers and funds this year—significantly more than in the past. The SFC is now paying particular attention to the possible misuse of IPO proceeds and the creation of artificial demand for shares. According to the agency, at least 500 companies that have not filed confidential applications are preparing for listing in the region.

— Chinese regulators have tightened requirements for IPOs by startups in the humanoid robotics sector following Unitree Robotics’ volatile market debut, The Information reported. Companies will now have to demonstrate the ability to generate consistent revenue, reduce losses, or showcase significant technological innovations. The shift in approach is driven by the frenzy surrounding industry funding, a large number of IPO applications, and the decline in stock prices of recently listed companies. After surging fivefold on its first day of trading, Unitree’s stock subsequently lost about 45%, heightening concerns about a bubble and risks for retail investors, the publication explains.

This article was AI-translated and verified by a human editor