智谱敲定约50亿美元融资，开发下一代GLM基础模型
要闻
Zhipu has finalized an approximately US$5 billion equity-and-debt financing plan, comprising about US$2 billion in new H-share placements and roughly US$3 billion in zero-coupon convertible bonds. Around 60% of the net proceeds will fund its next-generation GLM foundation model, fully self-trained system, and compute infrastructure.
On September 13, 2026, Zhipu disclosed an approximately US$5 billion financing plan comprising about US$2 billion in new H-share placements and roughly US$3 billion in convertible bonds. The company plans to place up to 21.965 million new H shares at HK$714.00 per share. The zero-coupon convertible bonds will be issued at 100.5% of their principal amount, with an initial conversion price of HK$892.50 per share, 25% above the placement price. According to the company, approximately 60% of the net proceeds will fund research and development of its next-generation GLM foundation model and fully self-trained system, as well as the deployment and upgrading of large-scale training, production inference, compute resources, and related technical infrastructure. About 15% will be used for business expansion, strategic investments, and potential M&A, while approximately 25% will go toward optimizing its capital structure, replenishing working capital, and other general corporate purposes. The fully self-trained system will explore a recursive self-improvement loop (RSI), covering training-data generation and filtering, the construction of executable and verifiable task environments, long-horizon reasoning, and self-verification. Zhipu will also optimize compute infrastructure through chip adaptation, operator development, and compute scheduling.
