On July 30, 2026, Zhipu AI, a domestic AI large model star unicorn, officially announced a new Pre-IPO financing round, with investors including national-level industrial funds, multiple top tech giants, and well-known financial investment institutions. The total financing exceeded US$6 billion, and the company's overall valuation surpassed 100 billion yuan. This blockbuster news quickly ignited the A-share AI concept sector, with multiple AI large model, computing power, and application targets collectively rallying in the afternoon. By market close, the AI sector gained 2.8% overall, with core targets such as Visual China Group, iFLYTEK, and Kunlun Tech rising over 5%.
Zhipu AI's Hundred-Billion Valuation: Dual Engine of Tech Moat and Commercialization
As one of the earliest teams to deploy large language models in China, Zhipu AI's self-developed GLM series large models continue to lead in multiple international benchmarks, especially in logical reasoning, multimodal understanding, and Chinese semantic processing. This round of financing will mainly be used for next-generation base model R&D, deep vertical scenario deployment, and overseas market expansion. CEO Zhang Peng stated at the financing press conference that Zhipu AI has partnered with over 2,000 industry clients across finance, healthcare, education, and government, with annualized commercial revenue expected to exceed 5 billion yuan in 2026.
The valuation surpassing 100 billion marks capital market recognition of AI large models shifting from "tech-driven" to "commercial-driven." Compared to earlier market worries about AI concept stocks being a "bubble," Zhipu AI's financing case provides solid commercial validation. According to Yueya Finance, Zhipu AI's revenue composition includes enterprise API services at about 55%, industry-specific solutions at 30%, and the rest from technology and ecosystem revenue. Its client renewal rate exceeds 90%, indicating strong product stickiness.
Sector Analysis: Funds Focus on Deterministic Growth
Based on post-market fund flows, the AI concept sector saw net main capital inflow of about 8.7 billion yuan, with large model, computing chip, and application implementation directions being the most attractive. Li Ming, strategy analyst at Huatai Securities, said: "Zhipu AI's financing event strengthens market expectations for sustainable commercialization of AI large models. Companies with benchmark client implementations and vertical scenario moats are more certain for capital." Specifically, leading stocks that day generally shared three characteristics: first, clear business synergy with large models, such as Sugon providing computing resources for Zhipu AI; second, mature AI application products, such as iFLYTEK's smart education business; third, companies with overseas expansion capabilities, such as Kunlun Tech's overseas AI social products.
Notably, this rally was not chaotic speculation but showed structural divergence. Some purely concept stocks that had risen excessively earlier peaked and fell, while blue-chip stocks with fundamental support continued to strengthen. This reflects that current market investment in AI themes has entered a phase of "separating the real from the fake," with institutional investors focusing more on companies' actual revenue conversion capabilities and tech moats.
Industry Trend Analysis: AI Large Models Enter Value Release Period
Zhipu AI's hundred-billion financing is not an isolated case. Since 2026, multiple AI large model companies globally have completed large funding rounds, with total global AI financing exceeding US$50 billion, up 60% year-on-year from 2025. The proportion of financing in the base model layer has declined, while that in the application and tool layers has increased, indicating the AI industry is shifting from "model competition" to "application competition." Yueya Finance Industry Research Center believes 2026 is a key turning point for AI commercial implementation, mainly reflected in three aspects:
- Rapid cost decline: With inference optimization tech and chip iterations, large model API call costs have dropped about 70% in the past year, making AI affordable for SMEs and significantly activating market demand.
- Deep scenario penetration: Vertical fields like finance, healthcare, and manufacturing have seen high-value AI-native applications such as robo-advisors, AI-assisted diagnostics, and industrial smart quality inspection, already generating scaled revenue.
- Favorable policy environment: Multiple Chinese provinces and cities have introduced AI industry support policies, including computing subsidies, data opening, and scenario lists, providing a good business environment for AI companies.
Institutional Outlook: Three Major Investment Themes
In response to the market heat triggered by Zhipu AI's financing event, several brokerages released latest views. Zhang Yu, chief computer analyst at CITIC Securities, noted that the long-term logic for AI concept stocks remains unchanged, but short-term need to focus on valuation-earnings matching. He advised investors to focus on three main themes:
- AI computing infrastructure: With growing training and inference demand, domestic AI chips, servers, and optical modules are the most certain. Recommended targets: Sugon, Haiguang Information (Hygon), Zhongji Innolight.
- AI vertical application leaders: In fast-implementing industries like finance, healthcare, and education, companies with data and scenario moats will first profit, such as Hithink RoyalFlush, Winning Health, Seewo.
- AI + going global: Domestic AI companies' tool products (e.g., video generation, social, e-commerce) see rapid overseas growth. Recommended: Kunlun Tech, Wondershare.
Guotai Junan Securities reminds investors of risks, stating that the current AI sector's overall P/E ratio is at a high historical level in three years, requiring caution against correction after overheated sentiment. The firm recommends a "core + satellite" strategy, holding AI blue-chip stocks as core positions and participating in short-term thematic elasticity with controlled total position.
Conclusion: AI Investment from "Story" to "Performance"
Zhipu AI's hundred-billion valuation financing is not only a milestone for one company but also a sign of China's AI industry maturing and commercialization accelerating. For investors, AI concept stocks have shifted from "concept-driven" to "performance-driven." Going forward, select companies with solid fundamentals and clear commercialization. Yueya Finance will continue tracking AI industry dynamics, providing deep, first-hand investment references.
(This article does not constitute investment advice. Markets have risks; invest cautiously.)
