中国大模型公司，开始扎堆上市

Core Insights - The simultaneous IPO processes of Zhipu and MiniMax mark the beginning of a significant capital event in the AI sector, particularly for "global large model first stock" [2][14] Company Paths - Zhipu, the first among the "Big Six Small Tigers" to initiate the IPO process, has been focused on AGI development and has created a comprehensive product matrix covering various applications [3] - MiniMax, established later, emphasizes integrated development in AI video generation and multi-modal applications, showcasing strong global productization capabilities [5] Financial Backing - Zhipu has raised over 5 billion RMB in funding since its inception in 2019, with notable investors including Hillhouse Capital and major tech companies like Meituan and Alibaba [5][6] - MiniMax completed a nearly $300 million C-round financing in July 2025, with a valuation exceeding $4 billion (approximately 300 billion RMB) [6] Revenue and Commercialization Strategies - Zhipu reported annual recurring revenue exceeding 100 million RMB from its software tools and model business, with a focus on increasing API revenue to half of total revenue [8][9] - MiniMax's revenue growth exceeded 170% year-on-year in the first nine months of 2025, with over 70% of its income coming from international markets [11] Open Source Competition - Zhipu has actively pursued an open-source strategy, recently releasing the AutoGLM model, which is recognized for its advanced capabilities [12] - MiniMax also entered the open-source arena with its new generation text model M2, achieving high rankings in benchmark tests [12] Industry Implications - The IPOs of Zhipu and MiniMax are expected to provide quantifiable market valuation benchmarks for the AI industry, which has previously struggled with high R&D costs and low profitability [14] - The successful listings will shift industry focus towards scalable commercial applications rather than merely competing on model parameters [14]