Zhipu AI, the Tsinghua University spinoff behind the GLM family of large language models, is looking to raise roughly $4 billion through a secondary share sale in Hong Kong. The move comes after the company’s stock surged nearly 1,500% since its January debut, turning what was already a buzzy IPO into one of the most dramatic post-listing runs in recent memory.
From $560M IPO to $4B follow-on in six months
Zhipu AI went public on January 8, 2026, selling over 37 million shares and raising approximately $560 million, or about HK$4.35 billion. The initial valuation clocked in at roughly HK$51 billion.
Shares have climbed somewhere between 1,500% and 2,000% since listing. The proposed secondary offering could land as early as July 2026. That timing is no coincidence: the six-month lock-up period for insiders expires on July 8, and the company appears eager to channel that unlocking event into a structured capital raise rather than letting shareholders simply dump into the open market.
Why Zhipu matters in the AI arms race
