AWS announced that it has integrated Zhipu’s GLM-5.3 into Amazon Bedrock, with Zhipu receiving a revenue share based on model usage. The overseas expansion of large language models has finally moved from storytelling to earning dollars.
What makes this cloud-provider revenue-sharing model interesting is that the cloud platform bears the inference-computing costs and handles distribution, while the model provider focuses solely on iteration. The incremental revenue therefore comes close to pure profit. Goldman Sachs has accordingly raised its forecast for Zhipu’s ARR at the end of 2026 from $2.7 billion to $3.2 billion. As of mid-September, actual ARR had already reached $1.8 billion, the highest among independent domestic large-model companies.
On the trading front, $ZHIPU is Binance’s USDT-margined perpetual contract for the stock (trades 24/7 and tracks the Hong Kong-listed share price; it is not the stock itself). It strengthened on heavy volume today, with 24-hour turnover just over 43 million USDT, moving in sync with the Hong Kong market. The underlying stock rose more than 8% today, buoyed by AWS’s integration and a broader rebound in the Hang Seng Tech Index.
One caveat: stock perpetuals are often more volatile than the underlying shares, and slippage can be significant for buyers chasing the price after news breaks. The key thing to watch next isn’t how much it rose today, but whether cloud-provider revenue-sharing income actually shows up in the ARR curve next quarter—that will be the real test of whether this thesis can hold.
What makes this cloud-provider revenue-sharing model interesting is that the cloud platform bears the inference-computing costs and handles distribution, while the model provider focuses solely on iteration. The incremental revenue therefore comes close to pure profit. Goldman Sachs has accordingly raised its forecast for Zhipu’s ARR at the end of 2026 from $2.7 billion to $3.2 billion. As of mid-September, actual ARR had already reached $1.8 billion, the highest among independent domestic large-model companies.
On the trading front, $ZHIPU is Binance’s USDT-margined perpetual contract for the stock (trades 24/7 and tracks the Hong Kong-listed share price; it is not the stock itself). It strengthened on heavy volume today, with 24-hour turnover just over 43 million USDT, moving in sync with the Hong Kong market. The underlying stock rose more than 8% today, buoyed by AWS’s integration and a broader rebound in the Hang Seng Tech Index.
One caveat: stock perpetuals are often more volatile than the underlying shares, and slippage can be significant for buyers chasing the price after news breaks. The key thing to watch next isn’t how much it rose today, but whether cloud-provider revenue-sharing income actually shows up in the ARR curve next quarter—that will be the real test of whether this thesis can hold.