Who is betting on what in AI, and against whom.
Z.ai (Zhipu)
GLM models; first listed LLM company.
- Ticker
HKEX:2513- HQ
- Beijing
- Founded
- Jun 2019
- Web
- z.ai
- Camps
- LLM scaling
What it does
Zhipu, now Z.ai, spun out of Tsinghua and builds the GLM models. On January 8, 2026 it became the first large-language-model company listed anywhere, at about HK$53B on the Hong Kong exchange.
Camp membership over time
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dates not recorded
Capital
| Amount | Kind | Valuation | Date | Investors | Source |
|---|---|---|---|---|---|
| $412M | funding round | Dec 2024 | Hangzhou state funds 3 billion yuan from state-backed investors. | South China Morning Post | |
| n/a | ipo | $6.80B reported | Jan 2026 | Listed HKEX 2513 at HK$116.20; market cap HK$52.83B at open. Proceeds not recorded here. | PR Newswire |