TWITTER_ARTICLE

Tanay highlights that the two publicly listed Chinese foundation-model labs…

2026-01-26 · 21:36 UTC ·tanayj ·0 min read

Brief

Tanayj points to the early public-market pricing of Chinese AI labs Zhipu and MiniMax as a sign of extreme investor enthusiasm for foundation-model companies. Based on their IPO filings, both firms reportedly have sub-$100 million revenue run-rates yet trade above $25 billion, implying revenue multiples over 400x; Zhipu is also noted as the first foundation-model company to IPO globally.

Why it matters

Tanay highlights that the two publicly listed Chinese foundation-model labs, Zhipu and MiniMax, are each at under $100 million in revenue run-rate while trading at valuations above $25 billion.

Key details

  • At those levels, both companies are valued at more than 400x revenue, an unusually high multiple even by AI market standards.
  • The post says Zhipu and MiniMax went public in the prior few weeks, and identifies Zhipu as the first foundation-model company globally to complete an IPO.
Source evidence

title: @tanayj: A reminder that the 2 Chinese foundation model labs that are public, Zhipu and M...
author: tanayj
contenttype: twitterarticle
published: 2026-01-26T21:36:18+00:00
source_url: https://x.com/tanayj/status/2023854212107714680

word_count: 73

A reminder that the 2 Chinese foundation model labs that are public, Zhipu and Minimax, are at <$100

A reminder that the 2 Chinese foundation model labs that are public, Zhipu and Minimax, are at <$100M in revenue run-rate and trading at over $25B.

Both trading at over 400x revenue!

The First Two AI Lab IPOs: S-1 Breakdowns

Two Chinese foundation model labs, Zhipu and MiniMax, went public over the past few weeks, with Zhipu becoming the first foundation model company to IPO globally. What stood out to me reading both...

Posted: 2026-01-26T21:36:18.000Z

Engagement: 166 likes, 11 retweets, 7 replies