Capital · available
~$7-8B cumulative capital raised across all rounds (2023 series ~$350M -> May-2024 $400M @ ~$3B valuation -> 2025 state-linked rounds ~$1.4-1.9B -> Jan-2026 HK IPO $558M -> Jul-2026 $4B HK secondary); post-IPO market cap has been extremely volatile (peak ~$112B, May-2026; reportedly halved after lock-up expiry, Jul-2026) so is NOT used as the anchor figure here
Sourced figures 7
- Wikipedia — Zhipu AI / Z.ai 2023: 2.5 billion yuan (~$350M) from Alibaba, Tencent, Meituan, Ant Group, Xiaomi, HongShan
- Wikipedia — Zhipu AI / Z.ai May-2024: $400M round incl. Saudi Prosperity7 Ventures, valuing the company at ~$3B
- Google News RSS — Zhipu AI funding coverage Mar-2025: $137M and separately $207M raised from/incl. state funds within about a month (possible overlap between the two figures, not confirmed distinct)
- Google News RSS — Zhipu AI funding coverage Jul-2025: $1.4B strategic investment from Shanghai state funds, and separately $140M from Shanghai state funds (may be the same event reported at two granularities)
- Google News RSS — Zhipu AI IPO coverage Jan-2026: HK IPO raised ~$558M (targeted $300-640M range with HK$3B cornerstone commitments)
- Google News RSS — Zhipu AI HK share sale coverage Jul-2026: $4B HK secondary share sale, priced at low end of range, after stock had run up ~1,500% since the Jan-2026 IPO
- Google News RSS — Zhipu AI IPO/valuation coverage market cap hit a record ~$112B (May-2026); stock reportedly halved after lock-up expiry alongside MiniMax (Jul-2026) — extreme post-IPO volatility, not used as the WEIGHT anchor
the working
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