
Zhipu AI Grows Revenue, Bleeds on R&D
Zhipu AI reported 2025 revenue of 7.24B RMB (up 132%), with 41% gross margin, but 31.82B RMB net loss from R&D surge. Shift to MaaS/cloud APIs drove growth, boosted by AutoClaw Lobster deployment with 400% call volume rise. Proposes TAC metric for Token efficiency amid Agent boom.




