Zhipu AI files Hong Kong IPO as first AGI model stock

Zhipu’s move to list in Hong Kong marks the first serious attempt by a pure-play large-model company to tap public equity markets. Unlike Big Tech incumbents where AI is one business line among many, Zhipu’s revenues are overwhelmingly tied to its GLM family of foundation models and related services. That makes this IPO a referendum on whether public investors are ready to underwrite AGI-first business models at scale, not just private venture capital and sovereign funds.

Strategically, this is also a milestone for China’s AI ecosystem. Zhipu is one of the few domestic players whose architecture and chip compatibility strategy are explicitly framed as AGI-ready, with support for over 40 local accelerators. A successful listing would crystallize valuation benchmarks for other Chinese model labs and could trigger a wave of follow-on offerings. For the global race to AGI, public-market scrutiny will force Zhipu to show durable unit economics, not just benchmark wins. If it can sustain triple-digit revenue growth while navigating regulatory and export-control headwinds, it strengthens the case that non‑U.S. champions can fund AGI-scale R&D without depending on U.S. capital markets.