Physix Frontier
Zhipu AI
Funding History
- HK Placement + Convertible BondsUSD 5B — Approximately USD 5B financing: Includes approximately USD 2B equity placement and approximately USD 3B convertible bond issuance, used for next-generation GLM foundation models, fully self-trained systems, and computing infrastructure (completion announced on September 13).
- IPOUSD 560M — Listed on HKEX Main Board on January 8, 2026, stock code 02513.HK, issue price HKD 116.2/share, total proceeds exceeding HKD 4.3B, first-day market cap HKD 52.8B, with 1,159x oversubscription in public offering.
- Strategic investmentUSD 140M — Closed a strategic financing of RMB 1B; investors are Pudong Venture Capital Group and Zhangjiang Group (both wholly owned by Pudong New Area SASAC); funds used to jointly build a 10,000-card green power computing cluster.
- Strategic investmentUSD 28M — Strategic financing of RMB 200M, with Beijing Artificial Intelligence Industry Investment Fund increasing its investment based on its 2024 commitment.
- Strategic investmentUSD 42M — Strategic financing of RMB 300M, invested by Chengdu High-tech Zone, to jointly build Sichuan Province's first foundational large model, Zhipu Zhuge Large Model.
- Strategic investmentUSD 69M — Strategic financing of RMB 500M, invested by Zhuhai Huafa Group, to co-build a city-level GLM large model space.
- Strategic investmentUSD 140M — Closed a strategic round of over RMB 1B, invested by Hangzhou Urban Construction Industry Fund, Shangcheng Capital, and others, supporting GLM large model technological innovation and digital industry upgrading in the Yangtze River Delta.
- Series D RoundUSD 420M — Closed its D round of RMB 3B (approx. USD 417M), led by Zhongguancun Science City Company, followed by existing shareholders Legend Capital et al.; valuation of RMB 26B.
- Series C++ RoundUndisclosed — Closed a C+ round led by Legend Capital, amount undisclosed.
- Series C++ RoundUSD 140M — closed its C+ round of over RMB 1B; led by Legend Capital; followed by Shunwei Capital, Sequoia China, Tencent, etc.
- Series C++ RoundUndisclosed — Closed its C+ round, invested by Huace Film & TV, with a valuation of RMB 20B.
- Series C++ RoundUSD 400M — Closed a C+ round of USD 400M (approx. RMB 2.88B), led by Prosperity7 Ventures under Saudi Aramco, with a valuation of USD 3B (approx. RMB 21B).
- Series C++ RoundUndisclosed — Closed its Series C+ round, invested by Shunxi Fund, amount undisclosed.
- Series C RoundUndisclosed — Closed its Series C round, invested by Lightspeed Growth, with a valuation of RMB 5.7B.
- Series B++ RoundUndisclosed — Closed its B+ round, with investors including Xiaomi, Sequoia Capital, Tencent, Hillhouse Capital, etc., at a valuation of USD 1B (approximately RMB 7.2B).
- Series B++ RoundUndisclosed — Closed a Series B+ round of several hundred million RMB, invested by Meituan, with a valuation of USD 500M.
- Series B RoundUSD 50M — Closed its B round of RMB 363M, invested by Legend Capital, Qiming Venture Partners, etc., with a valuation of RMB 2.8B.
- Series A RoundUSD 14M — Closed its A round of over RMB 100M, invested by Luster LightTech, Fortune Capital, etc., with a valuation of RMB 800M.
- Angel RoundUSD 6M — Closed a seed round of RMB 40M, invested by Huakong Technology Transfer (Tsinghua Asset Management) and Zhongke Chuangxing, with a valuation of RMB 300M.