According to the Securities Times, leading Chinese large language model (LLM) company, Zhipu AI, has officially initiated its initial public offering (IPO) process, becoming a focal point in the industry. It's understood that Zhipu AI completed its guidance registration with the Beijing Securities Regulatory Bureau on April 14, 2025, with China International Capital Corporation Limited as its guidance institution. As one of the "Big Six" LLMs (Zhipu AI, Moon's Dark Side, Baichuan Intelligent, MiniMax, Lingyi Wanwu, and Jieyue Xingchen), this milestone marks a significant step for Chinese AI startups entering the capital market.

Zhipu AI

Founded in 2019, Zhipu AI leverages the technological foundation of Tsinghua University's Computer Science Department, focusing on the research and development and commercial application of large language models. Its core products include the GLM series of LLMs, the Zhipu Qingyan App, and the MaaS open platform bigmodel.cn. In 2024, Zhipu's commercial revenue increased by over 100%, with MaaS platform API revenue increasing 30-fold year-on-year, and daily token consumption surging 150-fold, attracting 700,000 enterprise and developer users. Its C-end product, Zhipu Qingyan, boasts over 25 million users, with annual revenue exceeding tens of millions of yuan.

In terms of technological innovation, Zhipu AI continues to lead the industry, launching the CogVideoX video generation model (comparable to Sora), the GLM-4-Voice voice model, and the AutoGLM intelligent agent. It also plans to release a new open-source large language model in 2025. Previously, Zhipu has completed over 12 rounds of financing, with a valuation exceeding 20 billion yuan, attracting investors including Tencent, Alibaba, Meituan, and several state-owned enterprises.

Zhipu AI's IPO process not only showcases its own strength but also injects confidence into the "Big Six" and the Chinese AI industry as a whole. Industry insiders believe that with the accelerated commercialization of large language models, Zhipu is poised to occupy a more important position in the global AI landscape.