Zhipu said at its Sept. 16 analyst and investor conference call that it had completed a $5 billion refinancing, easing compute constraints that had limited near-term revenue growth. The company raised its year-end 2026 annual recurring revenue guidance to $3 billion from $2.4 billion, while company-wide monthly ARR reached $1.8 billion in the first half of September. Revenue-sharing agreements with multiple leading domestic and international cloud service providers will begin contributing recognized revenue in October 2026 as the providers offer Zhipu's open-source GLM models through managed APIs. Zhipu also said Co-work orders exceeded CNY 1 billion within a month of GLM-5.3's release, with cybersecurity becoming the first professional-workflow sector to scale. Management said the business is shifting from selling models and tokens toward deploying models in enterprise workflows that generate revenue from sustained task usage. The company cautioned that ARR is annualized order revenue and that Co-work orders are not equivalent to recognized revenue.