Alibaba Group IPO (2014)
Alibaba raised $25 billion in its New York IPO, then the largest in history, to fund cloud computing and e-commerce expansion. The company used the capital to build out its ecosystem and international reach.
Shares surged 38% on debut, giving the company a valuation near $230 billion.
Alibaba became a global e-commerce and cloud leader, though subsequent regulatory actions and competition have pressured its growth.
Like Alibaba, Z.AI is using a massive capital raise to fund aggressive expansion in a capital-intensive sector. The scale of the bet, for a company with no guarantee of market leadership, echoes Alibaba's 2014 move.
