Story perspectives

China's Zhipu AI and MiniMax Lead Language Model IPOs

1/25/2026

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Summary

Story summary

In January 2026, Zhipu AI and MiniMax became the first publicly listed large language model start-ups, surpassing OpenAI and Anthropic.
Their listings were supported by major investors, including state-linked funds and tech giants Tencent and Alibaba.
Chinese gaming companies such as miHoYo and 37 Interactive Entertainment have funded AI developers in China.
This development highlights China's significant advancements in the artificial intelligence sector.

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Story summary

In January 2026, Zhipu AI and MiniMax became the first publicly listed large language model start-ups, surpassing OpenAI and Anthropic.
Their listings were supported by major investors, including state-linked funds and tech giants Tencent and Alibaba.
Chinese gaming companies such as miHoYo and 37 Interactive Entertainment have funded AI developers in China.
This development highlights China's significant advancements in the artificial intelligence sector.