Zhipu completed a $5 billion refinancing with a "small equity and large debt" structure

Zhiyu (02513.HK) stated in a conference call with analysts and investors that the company has just completed a refinancing of $5 billion with a "small equity, large debt" structure, which was driven by the demand for computing power expansion.

After the release of GLM-5 in February, the demand for model calls surged tenfold, and nearly all of the company's computing power reserves were depleted within the week of the release, forcing the suspension of the main product, Coding plan. In response, Zhiyu actively addressed the situation, completing a $4 billion refinancing in July, and finally made a large-scale layout for computing power expansion; after refinancing another $5 billion on September 11, it firmly continued to expand its computing power layout.

After this expansion, Zhiyu's computing power has taken shape and is now able to support the company's rapid business growth and the continuous research and development of larger-scale models.