Kimi, under the Dark Side of the Moon, is paving the way for a Hong Kong IPO. On the technical side, Kimi K3 ranks first on the Frontend Code Are leaderboard. While this ranking isn’t decisive, it reflects the team’s ongoing investment in model capabilities. The valuation logic for AI companies in the capital market has shifted from 'storytelling' to 'product comparison.' Structural adjustments, technical leadership, and accelerated timing—these three signals combined point to one thing: Kimi aims to seize the first wave of IPO opportunities in the AI large model space.