$15B+
The combined disclosed valuation of China's leading privately-held foundation-model companies still operating outside public markets, at the most recent point each was independently valued.
This figure is a moving target by design: two of the companies most commonly counted in this cohort, Zhipu AI and MiniMax, completed Hong Kong Stock Exchange listings within a day of each other in January 2026, converting what had been private valuations into publicly tradable market capitalizations that now move continuously rather than being reset only at each new funding round. Moonshot AI, by contrast, remained private as of early 2026 and was raising its third round since December 2025 at a target valuation of roughly $30 billion on its own, illustrating how quickly a single company's valuation can move within this cohort.
Because valuations in this space are frequently privately negotiated, disclosed inconsistently, and can shift by a large multiple within months, this aggregate should be read as a directional snapshot of a fast-moving, highly concentrated segment rather than a precise, stable total.
Methodology
Sum of the most recently disclosed valuation for each major private Chinese foundation-model company at the time this figure was last reviewed; public companies are tracked separately once they list, since market capitalization and last-private-round valuation are not directly comparable.
ZINVEO does not decide. It exposes structural asymmetry. Final decision remains
with the Investment Committee.
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