一边亏一边冲！智谱MiniMax抢IPO，大模型赚钱难为何还扎堆上市？

Core Viewpoint - The competition between Zhipu and MiniMax for IPO in Hong Kong reflects a shift in the large model industry from a technical race to a capital test, with both companies aiming to become the first in the market and capitalize on the financial benefits [3][13]. Group 1: Company Performance - Zhipu's revenue is projected to grow from 57.4 million in 2022 to 312.4 million in 2024, representing a compound annual growth rate (CAGR) of 130%, with expectations to double again by 2025 [5]. - The company has a strong backing from prestigious investors, including Hillhouse, Sequoia, Tencent, Alibaba, and Meituan, enhancing its market position [5]. - Zhipu is transitioning from a "heavy asset" model to a "light asset" model, moving towards a Model as a Service (MaaS) approach, which is expected to drive exponential growth [7]. Group 2: Competitive Landscape - MiniMax, another competitor in the same space, is also preparing for its IPO, expected to be listed in January 2026, creating a competitive race for market leadership [9]. - The competition is likened to a "tortoise and hare" scenario, emphasizing the urgency and stakes involved in the IPO process [9]. Group 3: Challenges and Risks - The high cost of computing power is a significant concern, with over 70% of research and development expenses allocated to GPU services, limiting funds for technological upgrades and talent acquisition [11]. - Global supply chain issues for high-end chips and U.S. sanctions pose risks to model iteration and development, impacting the company's operational capabilities [11]. - Despite rapid revenue growth, Zhipu is facing substantial losses, projected at 2.958 billion in 2024 and 2.358 billion in the first half of 2025, with research expenses exceeding eight times the revenue during the same period [11].