Zhipu, MiniMax raise $1.2B in Hong Kong IPOs
Zhipu AI and MiniMax just pulled off a big win on the Hong Kong Stock Exchange, raising a combined $1.2 billion through their IPOs this week.
Together, they now have a market value close to $16 billion.
What do these companies actually do?
Zhipu AI, started by Tsinghua University researchers, builds large language models for businesses and is known for its affordable coding assistant at just $3/month.
MiniMax, launched by ex-SenseTime execs, focuses on consumer AI tools like the Hailuo video generator and Talkie chatbot—fun fact: about 70% of its revenue comes from overseas users.
What's next with all that IPO cash?
Both companies say the IPOs will provide capital for continued development and research into AI products.
MiniMax says it will use its IPO proceeds to build better language models—a sign that the AI race is only heating up.