The official disclosure of the prospectus by Zhipu or may become the "world's largest AI model" IPO.

Beijing Zhicpu Huazhang Technology Co., Ltd., the first company to launch an IPO, officially disclosed its prospectus on December 19. The prospectus shows that the company's revenues for 2022, 2023, and 2024 are 57.4 million, 124.5 million, and 312.4 million respectively. The company's revenue doubled for three consecutive years from 2022 to 2024, with a compound annual growth rate of 130%. The company's revenue mainly comes from large model revenue, with a gross profit margin consistently above 50%. The prospectus shows that the company had gross profit margins of 54.6%, 64.6%, and 56.3% in 2022, 2023, and 2024 respectively, with a gross profit margin of 50% in the first half of 2025. Currently, Zhicpu's large models empower over 12,000 enterprise customers globally, over 80 million terminal user devices, and over 45 million developers, making it the largest independent general large model manufacturer in China. Founded in 2019, Zhicpu is the earliest domestic enterprise to develop large models, and is also the largest independent large model manufacturer in China, potentially becoming the "world's largest large model company."