Moonshot Plans IPO in Six Months After China AI Breakthrough

Summary

Bloomberg's Bailey Lipschultz discusses Moonshot AI's planned Hong Kong IPO following its AI breakthrough, Jersey Mike's $1.1 billion IPO backed by Blackstone with veteran leadership, and the differing IPO timelines for Anthropic and OpenAI. The conversation highlights Blackstone's quick profitable exit from Jersey Mike's and its relative advantage by avoiding software overexposure.

• Moonshot AI eyes Hong Kong IPO in as little as six months after its Kimi K3 model gained global attention, targeting a $30 billion valuation.
• Jersey Mike's Subs is looking to raise $1.1 billion in an IPO at an $8 billion valuation, backed by Blackstone and led by former Wingstop executives.
• Blackstone's quick turnaround on Jersey Mike's (closed in January last year) is expected to deliver a very high IRR and attract buy-side interest.
• Anthropic is beginning meetings with long-only investors this week, pointing to a possible September-October IPO window.
• OpenAI is widely viewed as a 2027 IPO story, not expected soon.
• The discussion contrasts Blackstone's non-software portfolio strength against peers overexposed to software at an unfavorable time.