Z.ai, formerly Zhipu and the developer of the GLM model family, is on track to become the first independent Chinese AI company with roughly $1bn in annual sales, according to a Bloomberg report on 17 July 2026. The figure is a forward projection that leans partly on annualised recurring revenue rather than booked sales; Z.ai's 2025 revenue was about 724m yuan (roughly $100m), up 132% year on year, and JPMorgan forecasts about 4.6bn yuan in 2026 rising to 30.9bn yuan by 2028, the year it expects profitability. Revenue comes largely from on-premises deployments for state-owned enterprises and financial institutions plus a growing cloud business, while open-platform API ARR reached 1.7bn yuan, up sixtyfold in a year. Z.ai continues to release its strongest models, including GLM-5.2, as open source, and is valued at about $112bn after a rally of over 1,000% since its January listing. It remains lossmaking.