Zhipu AI, a spinoff of Tsinghua University listed on the Hong Kong Stock Exchange as Knowledge Atlas Technology, has raised nearly $10 billion since its January 2026 IPO. The company completed a $4 billion share placement in July 2026, selling 19.78 million H-shares at HKD 1,588 each.
In September 2026, the firm announced a new $5 billion financing package. This includes a share placement of 21.97 million shares at HKD 714 each, raising $2 billion, and $3 billion in zero-coupon convertible bonds maturing in September 2027 with a conversion price of HKD 892.50.
The company plans to allocate the funds toward research and development, specifically for computing capacity and its Generalized Language Model infrastructure. Proceeds are also designated for strategic investments and general corporate operations.
Since its IPO, the company's stock price increased between 1,500% and 1,700% from the initial price of HKD 116.20. At its peak, the market capitalization of Zhipu AI exceeded HKD 1 trillion. In January 2025, the firm was added to the US Entity List.
