No one talks about the AI Six Dragons anymore - 36Kr

The “AI six tigers” are diverging as capital cools: listed firms are being repriced by the market, while unlisted players still push for high private valuations.

Zhipu and MiniMax have gone public and then seen valuations pulled back, highlighting the gap between technical narratives and public-market expectations.

Moonshot AI and StepStar continue to command high private-market valuations and are pursuing IPOs, while Baichuan and 01.AI have pivoted away from general-purpose LLMs.

Baichuan is moving into AI healthcare and 01.AI into enterprise services, underscoring a shift toward business models that can prove revenue and reduce burn.

The sector is now being judged more on revenue, losses, cash burn, and monetization than on model performance alone.