Zhipu (02513.HK) completed a $5 billion refinancing using a structure described as “small equity, large debt,” with proceeds intended to expand computing capacity. The company said demand for model calls surged tenfold after the February launch of GLM-5, exhausting its computing reserves within the launch week and forcing it to halt sales of its flagship Coding plan. Zhipu previously completed a $4 billion refinancing in July and raised another $5 billion on September 11 to support larger-scale computing infrastructure and continued model development.