Zhipu surged to $170B within five months of its Hong Kong IPO, then lost ~$130B
ccerrato147 · x · 2026-11-09
A segment of @ccerrato147's thread on Zhipu: the company listed in Hong Kong in January at about $7B, saw its market cap reach $170B within five months — nearly half of Alibaba — and had lost roughly $130B by late September. It started as a research tool on one desktop at Tsinghua, and its core problem, the author argues, is giving its best models away for free.
Related event: Anatomy of Zhipu's Open-Source Gamble: $110M Revenue, Volatile Valuation(13 posts)→