Zhipu (Z.ai)

Weights

Open on the flagship line. GLM-5.2 ships under a plain MIT licence with no regional limit and no revenue threshold, unusually permissive for a frontier-class model; several Turbo and Flash API SKUs have no published weights.

Where you buy it

z.ai and bigmodel.cn · GLM Coding Plan · HuggingFace · Amazon Bedrock · Microsoft Foundry · OpenRouter

Structure

Beijing Zhipu Huazhang Technology, listed on the Hong Kong exchange as 2513.HK since 8 Jan 2026 — the first publicly listed company built around LLM foundation models. A 2019 spin-out from Tsinghua University. A second STAR Market listing is in progress. State-linked investors on the public record include Beijing, Hangzhou and Shanghai funds and the National Social Security Fund.

Raised

Listed January 2026 after an IPO raising about HK$4.3B; earlier private backers include Alibaba, Tencent, Meituan and Saudi-backed Prosperity7

Valuation

Market capitalisation passed HK$1 trillion, about US$128B, on 22 Jun 2026

Revenue

RMB 724.33M, about US$104.8M, for the year ended Dec 2025, up 131.9%

People

Under 900 at the January 2026 IPO, roughly three-quarters researchers

Biggest single dependencyIts training roadmap depends on Huawei Ascend supply and Chinese domestic fabrication capacity, because the Entity List designation closes the licensed route to US accelerators.

Two widely repeated claims are excluded here for lack of a source. The all-Huawei training claim is confirmed only for GLM-Image, not for the GLM-5 language line, where it is a Reuters report the company has not confirmed. The often-quoted 100,000-chip Ascend cluster traces to no credible source at all. GLM-5.2 parameter counts differ between aggregators and are absent from the model card, so none is given. Market capitalisation moves daily and quotes after 22 June are irreconcilable, so that dated figure is the only one shown. Prices here have RISEN twice in 2026, against the direction of the curve.