Zhipu AI Closes About $5 Billion Financing to Boost Next-Gen GLM Models and Computing Infrastructure

Zhipu AI has announced the completion of approximately $5 billion in financing, comprising $2 billion in share placement and $3 billion in zero-coupon convertible bonds, to fund its next-generation GLM foundation models, a fully self-trained system and related computing infrastructure. In the first half of the year, the company's MaaS revenue reached 825 million yuan, up 2,736% year-on-year, with annual recurring revenue of $1.6 billion, gross margin turning positive to 24.6%, token call volume up 40-fold, and average API pricing up 101% — reflecting a rise in both volume and price of commercialization. Meanwhile, DeepSeek has accelerated its financing and plans a STAR Market IPO, while Moonshot AI has completed its joint-stock restructuring ahead of a potential listing, signaling continued capital enthusiasm across the AI sector. Analysts note that after a consolidation since July, AI assets could again lead the market as policy support and commercialization gains reinforce the sector's long-term trajectory.