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Z.ai
GLM models, the open platform, domestic-accelerator clusters and production-scale inference.
- Market
- China
- Category
- Foundation models / inference infrastructure
- Ticker
- 02513.HK
From disclosure to next test
- 01Latest formal updateAwaiting a matching disclosure
- 02EntityZ.ai · 02513.HK
- 03Industry nodeFoundation models / inference infrastructure →
- 04Research / next testMiniMax and Z.ai H1: Token Scale Is Becoming Revenue, but the Compute Bill Is Still Open →
Latest disclosures
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Read the analysis
MiniMax and Z.ai H1: Token Scale Is Becoming Revenue, but the Compute Bill Is Still Open
Both companies shifted growth toward APIs and open platforms. Z.ai disclosed 100,000-plus domestic-chip inference and positive API margin; MiniMax showed global enterprise expansion. Adjusted losses and funding needs remain substantial.
After Ox Alpha: How GLM-5.3-Flash Pushes Chinese-Chip Inference Toward Scale
Z.ai served GLM-5.3-Flash across tens of thousands of Chinese accelerators. The important shift is model, engine, interconnect and scheduling co-design turning domestic compute into a serviceable cluster.
From GLM-5.3 to Claude: How Long-Running Agents Change Inference Demand
GLM-5.3, DeepSeek Harness and Anthropic commercial signals separated into capability, runtime and an unproven causal chain.
What changes the view
Atlas will move a reported item into the formal timeline only after a primary disclosure establishes the underlying fact.