Zhipu develops and releases the GLM family of large foundation models, including open-weight releases such as GLM-5.2 and GLM-5.3. Its core business centers on model licensing, API access, and enterprise deployment.
Zhipu (listed as Z.AI, HKEX 2513) is placed under Frontier labs as compute buyers, with its open-weight-lab role folded into this same AI Core row because a company carries one score per domain. On the US Commerce Entity List since January 2025, cut off from legal NVIDIA access, it built the domestic path that now defines it: a 1 gigawatt data center stocked exclusively with Chinese-made chips, partially operating from July 2026, plus several clusters of more than 10,000 chips each, among the largest sites built by any Chinese model developer. Huawei Ascend trails Blackwell on performance per watt, so a gigawatt of domestic silicon delivers materially less usable training compute, which caps technology at 4. On 2026-01-08 it became the first pure LLM company anywhere to go public, listing at HK$116.20 for about HK$4.35bn (USD 558m) at roughly USD 6.7bn; shares later rose more than 1,700 percent, market cap passed HK$1 trillion (USD 128bn) in June 2026, and a roughly USD 4bn follow-on priced in July at HK$1,588. H1 2026 revenue was RMB 953.9m, up about 400 percent but about 30 percent below consensus; on track for roughly USD 1bn ARR having hit its 2026 sales target in July. Commercial is 3 because the revenue is model and API revenue, not compute. As an open-weight LAB (the folded second view) the same entity scores higher on technology (5) and commercial (4): the leading Chinese open-weight lab shipping fast (GLM-5 on 2026-02-11 trained on Huawei Ascend with MindSpore, GLM-5
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Traction: deployment, production, commercials, progress. Capability: technology, positioning, firepower, leverage.
Zhipu develops and releases the GLM family of large foundation models, including open-weight releases such as GLM-5.2 and GLM-5.3. Its core business centers on model licensing, API access, and enterprise deployment. Zhipu (listed as Z.AI, HKEX 2513) is placed under Frontier labs as compute buyers, with its open-weight-lab role folded into this same AI Core row because a company carries one score per domain. On the US Commerce Entity List since January 2025, cut off from legal NVIDIA access, it built the domestic path that now defines it: a 1 gigawatt data center stocked exclusively with Chinese-made chips, pa
Zhipu is on the AI Core member list of Frontier Tech Intelligence with a score of 83 out of 100, below the Top 100.
Zhipu is based in Beijing, Beijing, China.
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