Zhipu AI and MiniMax have launched historic IPOs in Hong Kong, raising over 1.1 billion USD in combi...
The AMW Read
The $1.1B combined IPOs of Zhipu AI and MiniMax represent a structural shift toward public markets for frontier labs and introduce new top-tier valuation benchmarks for the CN/OSS challenger frame.
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Zhipu AI and MiniMax have launched historic IPOs in Hong Kong, raising over 1.1 billion USD in combined capital this week. Zhipu AI’s debut saw retail oversubscription of 1,164 times, while MiniMax priced its 538 million USD offering at the top of its range. These listings signal a systemic shift from venture capital to public markets, beating US rivals like OpenAI to secondary trading. This move provides a strategic capital buffer for intensive R&D, establishing the first major public valuation benchmarks for generative AI. 🚀
