Zhipu (02513.HK) said it has completed a $5 billion refinancing using a structure with a small equity component and larger debt component to expand AI computing capacity. Demand for model calls increased tenfold after the release of GLM-5 in February, nearly exhausting the company’s computing reserves during the launch week and prompting it to stop selling its main Coding plan product. Zhipu completed a $4 billion refinancing in July to begin a large-scale expansion of its computing infrastructure, then raised another $5 billion on Sept. 11. The company said the latest expansion has brought its computing capacity to an initial scale capable of supporting rapid business growth and continued development of larger models.