Zhipu announced on September 13 that the company has completed a new round of financing totaling approximately US$5 billion (approximately RMB 33.5 billion), consisting of approximately US$2 billion in share placement and approximately US$3 billion in zero-coupon convertible bonds. This financing comes just two months after its last placement financing of approximately US$4 billion in July, marking Zhipu's third equity financing since its listing on HKEX in January this year. Wall Street Insights analysis suggests that the financing structure of zero-coupon premium convertible bonds signals to the market an expectation for long-term stock prices.

According to the announcement, Zhipu intends to use approximately 60% of the net proceeds for the R&D of its next-generation GLM foundational model and "fully self-training" system, as well as the deployment and upgrade of large-scale training, production inference, hashrate resources, and related technological infrastructure; approximately 15% for business expansion, strategic investments, and potential mergers and acquisitions; and approximately 25% for optimizing its capital structure, supplementing working capital, and other general corporate purposes. The company expects these funds to be fully utilized by June 30, 2028.