Moonbeam Levels is song recorded on 6 July 1982 (the day before Lady Cab Driver), at Sunset Sound in Hollywood, California. It was released as the only previously-unreleased track on the first posthumous compilation of Prince's music, 4Ever, and in 2019 in a slightly longer version as the fifth track on the Vault Tracks part 2 disc of a Deluxe edition of the 1999 album.
Even though it was recorded during the sessions for 1999, and considered for that album, it was never placed on a configuration of it. It was worked on further in June 1983 and considered for, but also not placed on any configurations of Purple Rain, and subsequently also for Around The World In A Day, Parade and the Crystal Ball set that evolved into Sign O' The Times. Finally it was also considered for inclusion on the aborted Rave Unto The Joy Fantastic album (different from the 1999 album Rave Un2 The Joy Fantastic), as the ninth and final track on the mid-January 1989, configuration of the album before it was abandoned when Prince began work on the Batman soundtrack album.
In early 2002, during an online chat to promote the second year of the NPG Music Club, the moderators asked if members would be interested in a pristine copy of Moonbeam Levels, hinting that it might be available as part of the membership package. The song, however, remained unreleased until after Prince's death.