AI TRENDS | Zhipu Completes $5 Billion Refinancing to Expand Computing Capacity

Zhipu (02513.HK) said in a call with analysts and investors that it has completed a $5 billion refinancing using a small-equity, large-debt structure to fund computing capacity expansion. According to Odaily, the company said demand for model calls surged 10 times after the GLM-5 launch in February, quickly exhausting its computing reserves and forcing it to stop selling its main Coding plan. The company said it completed a $4 billion refinancing in July and raised another $5 billion on September 11 to expand its computing infrastructure further. It added that the latest expansion has given it an initial-scale computing setup that can support rapid business growth and continued development of larger models.