36氪精选：中国大模型第一股「智谱」，到底是谁？

Core Viewpoint - The listing of Zhipu marks a significant milestone for China's AI industry, being recognized as the first stock of a large model in the country, reflecting the culmination of three years of anticipation within the sector [2][15]. Company Background - Zhipu was founded in June 2019 by a team from Tsinghua University, focusing on natural language processing (NLP) and knowledge graphs, with initial funding of 40 million RMB [3]. - The company made a strategic decision to develop its own architecture, creating the General Language Model (GLM) instead of following the prevalent GPT and BERT paths [3][5]. Product Development - In August 2022, Zhipu open-sourced the GLM-130B model, which was recognized as the only Asian model in a major evaluation by Stanford University [5]. - Following the global success of ChatGPT, Zhipu released ChatGLM on March 14, 2023, alongside the open-sourcing of ChatGLM-6B, which became a popular tool for developers in China [6]. Market Position and Growth - By August 2023, Zhipu had entered a rapid growth phase, with model iterations occurring every three months and securing over 2.5 billion RMB in funding within the year [6][13]. - The GLM model was already operational in 12,000 enterprises globally, including nine of the top ten internet companies in China, as well as sectors like government, healthcare, and education [10]. Financial Performance - Despite rising revenues, Zhipu faces increasing R&D expenditures and significant losses, a common scenario among independent large model companies in Silicon Valley [13]. - The company’s financing before its IPO was substantial, with existing investors increasing their stakes and new strategic investors joining, indicating strong market confidence [13]. Future Outlook - The listing of Zhipu and its subsequent market performance will be closely scrutinized, as the company must navigate the challenges of maintaining growth and profitability in a competitive landscape [15][17].