Z.ai (Zhipu AI): valuation, funding, and the secondary tape

The short version

New-money stake: 4.2%.

instrument	value	as of	source
Claimed valuation	n/a		graph
Napkin: new-money stake	4.2% ($4.01B of $95.00B)	2026-07-08	source

Recent milestones

2026-09-08 - Market mark: HK$1,002.00 / HK$474.0B (~US$61B) market cap, 2026-09-08 (delayed quote; 52-week HK$116.10-2,980.00; 465.62M shares out). A dat
2026-09-01 - ARR US$1.6B as of Aug 2026, discussed on the H1-2026 results call (company statement relayed by Caixin; the filed H1 revenue print is ¥953.9
2026-08-31 - Revenue trail (filed): FY2024 ¥312.4M -> FY2025 ¥724.33M (+131.9%, net loss ¥1.92B) -> H1 2026 ¥953.9M (+399.7% YoY; open-platform/API ¥825M

marks table | napkin table | the scorecard | all companies

Derived from the SOMEN graph at render time. The arithmetic cannot lobby you.