# 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](https://www.reuters.com/world/asia-pacific/chinas-zhipu-ai-launches-4-billion-hong-kong-shares-offering-term-sheet-shows-2026-07-08/) |


## 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](https://stockanalysis.com/quote/hkg/2513/)
- 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](https://www.caixinglobal.com/2026-09-01/zhipu-revenue-rises-nearly-400-as-cloud-business-gains-ground-102480471.html)
- 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](https://ea-cdn.eurolandir.com/press-releases-attachments/4174939/HKEX-EPS_20260831_12308928_0.PDF)

[marks](https://data.somen.ai/marks) | [napkin](https://data.somen.ai/napkin) | [scorecard](https://data.somen.ai/scorecard) | [all companies](https://data.somen.ai/companies)

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