Recurrent.ai

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   Moonshot AI in pre-IPO talks to settle 10.5% stake claim

   Reuters reported on October 12 that Moonshot AI executives are negotiating a settlement with shareholder Recurrent.ai (Huanxiang Zhineng) and some of its investors, seeking to resolve before the company's Hong Kong listing a dispute that has gone to Hong Kong arbitration and dates back to 2024. Recurrent alleges that Moonshot CEO Yang Zhilin and CTO Zhang Yutao made misrepresentations, that servers holding key large language model data were moved without authorization from Recurrent to a Moonshot subsidiary in April 2023, and that other key data was deleted on Zhang's instructions in September 2024; Reuters said the letter provided no evidence and it could not independently verify the claims. The claimants seek compensation equal to 10.5% of Moonshot's original shares, which people familiar said could exceed $700 million based on the company's $30 billion valuation at its June funding, while Bloomberg reported a latest round at about $50 billion. Moonshot has confidentially filed for a Hong Kong IPO; Yang has denied the allegations, his lawyers say the case lacks legal and factual basis, and whether a settlement will be reached is unclear.

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