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Zhipu AI ARR: $1.6B Annualized and the First Chinese Lab Past $1B.

Zhipu AI (Z.ai) went from roughly $100M to a $1B annualized run rate in about five months, then reported an August 2026 run rate near $1.6B after its Hong Kong IPO. Every reported revenue figure below is traced to a public source — mostly earnings filings and 36Kr.

$1.6B

Annualized run rate, Aug 2026

~$133M

Implied monthly recurring revenue

$67M → $1B

Annualized, in ~7 months

~$92B

Market cap, 2513.HK

The Zhipu AI Revenue Curve.

Reported or estimated annualized run rate in USD millions, converted from RMB filings and press reports, 2024 to August 2026. Linear scale — which is exactly why the first two years look flat.

$0M$440M$880M$1.3B$1.8BFull year 2024 — $45M ARRFull year 2025 — $105M ARRFebruary 2026 — $67M ARRHalf-year 2026 results, Aug 31, 2026 — $900M ARRJuly 17, 2026 — $1B ARRAugust 2026 — $1.6B ARR2024FY '25Feb '26H1 '26Jul '26Aug '26
Sources: Zhipu earnings (2513.HK), 36Kr, Bloomberg, Reuters, SCMP.

FY2024 revenue

~$45M

HKEX prospectus

FY2025 revenue

~$105M (+132% YoY)

SCMP, first post-IPO report

$100M → $1B annualized

~5 months

Bloomberg, Jul 2026

$1B → $1.6B annualized

~1 month

Jul → Aug 2026, 36Kr / earnings

Every Reported ARR Milestone.

  1. Full year 2024

    $45M ARR

    RMB ~310M of revenue (~$45M), leading China's independent general LLM developers with a 6.6% market share. — HKEX prospectus / SCMP

  2. Full year 2025

    $105M ARR

    First post-IPO report: revenue up 131.9% YoY to RMB 724M (~$105M); full-year loss widened to ~RMB 4.7B. — SCMP / earnings

  3. February 2026

    $67M ARR

    Annualized run rate reported around $67M as the GLM line monetized via API — the starting point of the year's curve. — 36Kr

  4. Half-year 2026 results, Aug 31, 2026

    $900M ARR

    First-half revenue quintupled YoY (~+400%) with losses narrowing; API revenue averaged ~RMB 137.5M/month in H1. — Reuters

  5. July 17, 2026

    $1B ARR

    Bloomberg: Z.ai on track to become the first China AI firm with $1B in annualized sales — roughly $100M to $1B in five months. — Bloomberg

  6. August 2026

    $1.6B ARR

    Annualizing August revenue implies a ~$1.6B run rate (~$133M/month). J.P. Morgan models ~RMB 5B full-year revenue and adjusted profit by 2028. — 36Kr / hellochinatech

Zhipu AI by the Numbers.

Latest annualized run rate

$1.6B

36Kr, Aug 2026

Implied MRR

~$133M / month

Derived from ARR

Market cap

~$92B

2513.HK, 2026

FY2025 revenue

RMB 724M (~$105M)

First post-IPO report

FY2025 net loss

~RMB 4.7B (~$683M)

SCMP

2026 full-year consensus

~RMB 5B revenue

J.P. Morgan via Reuters

Listing

Hong Kong Stock Exchange, ticker 2513.HK

HKEX

Basis note

RMB filings converted at prevailing rates; August figure is an annualization, not an audited ARR

36Kr / earnings

How Discounted GLM Tokens Buy the Volume.

Zhipu monetizes primarily through GLM API usage: developers pay per million tokens, with flag-ship GLM models priced at steep discounts to Western labs — historically on the order of $0.10–$0.60 per million input tokens. Enterprise contracts (finance, telecom, government SOEs) add licensing and private-deployment deals, and the consumer-facing Z.ai chatbot carries subscription tiers.

The economics are still aggressive: H1 2026 carried roughly 24.6% margins while the company spent heavily on compute, and FY2025 closed with a ~RMB 4.7B loss. The bet is that China's lowest-cost frontier API wins volume — J.P. Morgan expects adjusted profit only by 2028.

Revenue Mix

  • Token-based APIGLM models billed per million tokens at aggressive China-market pricing.
  • Enterprise deploymentsPrivate-model licensing and solutions for finance, telecom and SOE customers.
  • Consumer subscriptionsThe Z.ai chatbot app with paid tiers.

FAQ

Zhipu AI Revenue, Answered.

What Is Zhipu AI's ARR in 2026?
Zhipu AI (Z.ai) reached roughly $1 billion in annualized revenue by July 2026, and annualizing August revenue implies about $1.6 billion — around $133 million of monthly run rate. Figures convert RMB filings and press reports; the August number is an annualization, not an audited ARR.
How Fast Did Zhipu AI Grow?
From a ~$67M annualized run rate in February 2026 to $1B by July — about five months for the final $100M-to-$1B leg per Bloomberg. H1 2026 revenue quintupled year over year.
What Does Zhipu AI Actually Sell?
Mostly GLM API access billed per token at some of the lowest frontier-model prices in the market, plus private enterprise deployments for Chinese finance, telecom and state-owned customers, and consumer subscriptions to the Z.ai chatbot.
Is Zhipu AI Profitable?
No. FY2025 closed with a ~RMB 4.7 billion (~$683M) net loss despite revenue growing 132%, though H1 2026 losses narrowed as revenue quintupled. J.P. Morgan analysts model adjusted profitability by 2028.
What Is Zhipu AI's Valuation?
The stock trades on the Hong Kong Stock Exchange under ticker 2513.HK, with a market capitalization around $92 billion in 2026 after a post-IPO share price surge of roughly 2,000%.

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