Zhipu (02513.HK) said it recently completed a $5bn refinancing structured as
small-equity, large-debt to fund compute expansion. A February GLM-5 release
drove model calls up tenfold, exhausting capacity the week of launch and forcing
suspension of its flagship Coding Plan product. The company raised $4bn in July
and a further $5bn on Sept. 11 to scale infrastructure; after the latest
expansion Zhipu says its compute is at an initial scale able to support rapid
business growth and continued R&D of larger models.
