Zhipu AI, the developer of the GLM large language model series, has completed a significant fundraising cycle. Following the expiration of its six-month post-IPO lockup on July 8, 2026, the company raised $4 billion through a share placement on the Hong Kong Stock Exchange.
This placement exceeded the company's initial public offering in January 2026 by more than seven times. During that IPO, Zhipu AI raised approximately $558 million, with shares priced at HKD 116.2. Following the debut, the company's market capitalization briefly surpassed HKD 1 trillion.
By September 2026, the firm secured an additional $5 billion through a mix of new shares and zero-coupon convertible bonds maturing in 2027. In total, Zhipu AI has raised nearly $9.5 billion across its IPO and two subsequent funding rounds in under nine months.
The company intends to allocate these funds toward research and development, the commercialization of its AI models, and potential mergers and acquisitions. The zero-coupon bonds allow the firm to obtain financing without immediate interest payments until the 2027 maturity date.
