88Z AI, 14 September — Zhipu announced the completion of approximately $5 billion in financing, comprising a $2 billion equity placement and $3 billion in zero-coupon convertible bonds. The funds will prioritize R&D for the next-generation GLM foundation models and computing infrastructure, with 60% allocated to self-training systems and recursive model improvement. In the first half of the year, revenue reached 954 million yuan, up nearly 400% year-on-year, with an ARR of $1.6 billion.
At a glance
- Completed ~$5B financing with $2B equity and $3B zero-coupon convertibles
- H1 revenue rose nearly 400% to 954M yuan; ARR reached $1.6B
The update
Zhipu has officially announced the completion of a financing round totaling approximately $5 billion. This capital consists of a $2 billion equity placement and $3 billion in zero-coupon convertible bonds. The substantial funds will primarily support the research and development of the next-generation GLM foundation models as well as the construction of computing infrastructure. Notably, about 60% of the funds will be dedicated to fully self-trained systems, aiming to explore recursive self-improvement capabilities for models. In terms of financial performance, Zhipu achieved revenue of 954 million yuan in the first half of the year, representing a year-on-year increase of nearly 400%. Additionally, the company's annual recurring revenue (ARR) has reached $1.6 billion, demonstrating strong business growth momentum. This financing will further solidify its leading technical position in the field of foundation models.
Sources & editorial note
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- 智东西Source published
Source dates above refer to the original announcements; the date under the headline is this article’s publication on 88Z AI.