Exclusive | Zhipu CEO Tang Jie issued an internal letter: After the "GLM moment" and the trillion-dollar club, what is more important?

Text | Zhou Xinyu Editor | Zhang Yuxin "Smart Emergence" exclusively learned that on July 11, 2026, Tang Jie, the founder of Zhipu, published an internal letter on Zhipu with the theme "The Big Wave is Coming". In the past six months, Zhipu has achieved a highlight since its founding: its market value has increased 10 times from the initial listing half a year ago, and in June 2026, it will join the "Trillion Hong Kong Dollar Club" - this number is nearly three times the market value of Baidu and surpasses Xiaomi. On July 8, after the first batch of stocks were lifted, Zhipu still stabilized its stock price. This is also the sexiest story in the current AI large model track: betting on the right technical direction has resulted in outstanding market reputation and commercialization results. After peeling off the cocoon, the root of Zhipu’s takeoff is inseparable from the bet on Coding a year ago. In early 2025, Zhipu began to reallocate resources and focus its efforts on improving model coding capabilities. At an event, Tang Jie, professor of Computer Science at Tsinghua University and founder of Zhipu, pointed out the reasons for betting on Coding: The emergence of DeepSeek R1 marks that the exploration of the Chat paradigm has basically ended. As a model training paradigm in the post-DeepSeek era, he described Zhipu as “Bet” on Coding and Reasoning—a model capability that can coexist and prosper with the Agent. It turned out to be a successful bet. Today, AI Coding has become the latest step in the commercialization of AI. A typical case is Anthropic, which also relied on Coding to "overtake" OpenAI. In January 2024, the annual revenue of Anthropic was only US$87 million; in June 2026, its ARR had exceeded US$47 billion. The flagship model GLM-4.5 released in July 2025, and the GLM-5.2, which was launched and open sourced in June 2026, made Zhipu become a global AI Co.