The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Gravity

no clean $ figure — sub-$200M/yr disclosed revenue (2024 ARR ~$168M, growing fast per 2026 earnings) is the only hard number; broader touch includes open-weight GLM model adoption (GLM-4-9B/4-32B released MIT-licensed, widely self-hosted incl. on domestic chips), a Hangzhou government smart-city deployment (~$8.5M), and macro signal from the extreme post-IPO stock reaction (peak ~$112B cap, then halved) reflecting investor-perceived competitive relevance rather than metered economic activity

low confidence · as of 2026-07-28 · about Zhipu AI

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the working

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