Woofun AI data shows that Zhiku’s annual recurring revenue (ARR) reached $1 billion in July, representing a fourfold increase from the approximately $250 million reported at the end of March. This metric reflects current subscription and API income rates rather than recognized annual revenue.

Morgan Stanley confirmed the July milestone and revised its forecast for Zhiku’s ARR to $2 billion in 2026 and $4.5 billion in 2027. The firm attributes this growth to an 83% cumulative API price increase and a 400% rise in usage volume during the first quarter, driven by user adoption of GLM-5.2’s coding capabilities.