According to 1M AI News monitoring, Zhipu AI delivered results that made Wall Street sit up and take notice: full-year revenue surged more than double year over year. But what truly shook the market was a real-time metric disclosed after the financial report was released: as of March 31, 2026, the company’s open-platform API annual recurring revenue (ARR) had skyrocketed to about 1.7 billion RMB (about $250 million), up more than 2.4x from roughly 500 million RMB at the end of 2025, and up about 60x compared with 12 months earlier. Both Morgan Stanley and JPMorgan Chase viewed this as the biggest surprise in this set of earnings. Even more convincing is that this growth was not simply achieved by cutting prices to drive volume.
In a research note, JPMorgan Chase specifically pointed out that the Token price on the Zhipu API platform is up 83% year to date, while demand is still accelerating—both volume and price are rising in tandem. Against the backdrop of China’s large-model price war heating up, this phenomenon is extremely rare, directly underscoring that Zhipu has already established real pricing power in high-value scenarios such as programming and agents.
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