Zhipu (02513.HK) said it completed a $5 billion refinancing, structured with a small equity component and a larger debt component, to expand AI computing capacity. Demand for model calls increased tenfold after GLM-5 launched in February, nearly exhausting computing reserves during the release week and prompting the company to stop selling its main Coding plan product. Zhipu completed a $4 billion refinancing in July and raised another $5 billion on Sept. 11, according to the company, which said the resulting computing resources had reached an initial scale capable of supporting rapid business growth and continued development of larger models.