自一月份上市以来，智谱市值曾大涨逾 800% 并一度达到 1,370 亿美元，超越多家传统互联网巨头。然而，由于中国人工智慧市场面临激烈的价格竞争，加上公司将业务转向低利润的云端 Token 供应服务，使得研发支出持续攀升，商业化获利能力的隐忧逐渐浮现。
长期来看，智谱的商业变现能力受限于美国晶片出口管制。为因应高阶硬体受限的挑战，智谱加速国产替代，近期完成了一座专为至少 10,000 颗国产晶片运行的数据中心，并在国产硬体上测试 GLM-5.3-Flash 等新模型，但在推理速度上相较美国同业仍存在差距。
Chinese AI startup Z.AI Co. (also known as Zhipu) saw its first-half revenue surge nearly five-fold to 954 million yuan, though it fell about 30% short of average analyst estimates, while its net losses narrowed to 2.07 billion yuan. Executives revealed that the company's annualized revenue reached $1.6 billion by the end of August, signaling rapid top-line growth.
Since its January listing, Z.AI's market value surged over 800% to peak at $137 billion, outpacing several established Chinese internet giants. However, persistent price wars among domestic AI rivals and a strategic pivot toward lower-margin cloud token services have driven up operating and R&D costs, fueling doubts about its long-term profitability.
The company's commercial monetization remains constrained by US export restrictions on advanced semiconductors. To mitigate hardware bottlenecks, Z.AI recently completed a major data center designed to operate on at least 10,000 domestic chips and tested models like GLM-5.3-Flash locally, though it still lags behind US peers in key speed metrics.