Zhipu AI Breaches Trillion Yuan Market Cap: What Is Driving the Surge?

Investor summaryBullish

Zhipu AI's trillion HKD valuation sparks debate; comparing its financials to Alibaba Cloud highlights BABA's deep undervaluation.

Bull points

Alibaba Cloud's massive revenue dwarfs Zhipu AI's, demonstrating BABA's dominant scale in the AI/cloud sector.
BABA's total valuation is only twice that of a heavily loss-making AI startup, suggesting BABA is severely undervalued.

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The trillion-dollar (HKD) valuation has sparked intense debate. Zhipu AI's 2025 annual report showed revenue of RMB 724 million against a net loss of RMB 4.7 billion, with R&D spending of RMB 3.18 billion. By comparison, Alibaba Cloud generated RMB 158.1 billion in revenue for the 2026 fiscal year. Zhipu AI's market cap now sits at roughly half of Alibaba Group's total valuation.

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