Chinese AI Z.AI raises $5 billion from shares and bonds

Business Sep 13, 2026

Chinese AI company Z.AI has raised a massive $5 billion by selling shares and convertible bonds.

It sold 21.97 million shares at a slight discount and issued zero-coupon bonds that mature in 2027.

This fresh funding comes on top of the $4 billion it picked up after going public in 2026.

Z.AI earmarks 60% for model development

Z.AI says about 60% of the money will go into building next-level AI models and improving its self-training technology.

Another 15% is set aside for expansion, while the rest helps keep its finances healthy and daily operations running smoothly.

The move highlights how fierce the race is getting between Chinese and US companies in AI right now.