On January 8, 2026, Zhipu AI made its debut on the Main Board of the Hong Kong Stock Exchange, becoming the first - ever listed company globally with general artificial intelligence (AGI) foundational large - scale models at the heart of its business. This event signifies a pivotal shift for AI large - scale models, transitioning from a phase of technological rivalry to one of commercial deployment.

Drawing on its technological heritage from Tsinghua University, Zhipu AI independently developed the GLM architecture. This innovation has enabled it to outperform international competitors in fields such as code generation. By adopting the MaaS (Model as a Service) model, Zhipu AI has successfully served 12,000 enterprise clients across the globe, with its services reaching 80 million terminal devices.

From 2022 to 2024, the company's revenue witnessed an average annual growth rate of 130%. However, due to substantial investments in high - intensity research and development (R&D), it has not yet achieved profitability.

The current landscape of the AI large - scale model sector is highly competitive. Anthropic is gearing up for an initial public offering (IPO) in the international market, while domestic contender MiniMax is hot on Zhipu's heels in terms of going public. Meanwhile, tech behemoths like Alibaba and Baidu are constructing ecosystems through a blend of “in - house development + strategic investment.”

Zhipu's listing sets a benchmark for the entire industry. Nevertheless, large - scale model companies still grapple with financial pressures. Looking ahead, competition will hinge on the depth of application, the realization of economic value, and the ability to build robust ecosystems.