Wall Street Review of Zhipu Financial Report: ARR explosion is the biggest surprise, with both token volume and price rising indicating substantial pricing power According to 1M AI News monitoring, Zhipu AI has delivered a remarkable report card that has caught the attention of Wall Street. Its annual revenue has more than doubled year-on-year, but what truly shocked the market was a real-time data released after the financial report was released: as of March 31, 2026, the company's annual recurring revenue (ARR) from open platform APIs has soared to about 1.7 billion yuan (about 250 million US dollars), an increase of more than 2.4 times from about 500 million yuan at the end of 2025, and an increase of about 60 times from 12 months ago. Morgan Stanley and JPMorgan Chase both consider this as the biggest surprise of this financial report. Even more convincing is that this growth is not simply achieved by trading price for quantity. JPMorgan Chase 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 - with both quantity and price rising simultaneously. Against the backdrop of the current intense price war for large models in China, this phenomenon is extremely rare, directly confirming that Zhipu has formed substantial pricing power in high-value scenarios such as programming and intelligent agents.