Wall Street Reviews Zhipu's Earnings Report: Explosive ARR Growth is the Biggest Surprise, Rising Token Volume and Price Indicate Substantial Pricing Power

According to monitoring by 1M AI News, Zhipu AI has delivered a remarkable performance report that caught Wall Street’s attention, with annual revenue increasing by more than 100% year-on-year. However, what truly shocked the market was a real-time data disclosed after the earnings report: as of March 31, 2026, the company’s open platform API’s annual recurring revenue (ARR) has soared to approximately 1.7 billion yuan (about 250 million USD), more than 2.4 times the approximately 500 million yuan at the end of 2025, and about 60 times higher than 12 months ago. Both Morgan Stanley and JPMorgan regard this as the biggest surprise of the earnings report. More compellingly, this growth is not merely a result of increasing volume at the expense of price. JPMorgan specifically pointed out in its research report that the token price of the Zhipu API platform has risen by 83% since the beginning of the year, while demand continues to accelerate—both volume and price are rising simultaneously. In the context of the intense price war among large models in China, this phenomenon is extremely rare, directly confirming that Zhipu has established substantial pricing power in high-value scenarios such as programming and intelligent agents.