And how you do know that GLM is not subsidised? Maybe Chinese government is burning money to destroy US economy by making them lose money in AI companies that are just furnace burning dollars. Unless you have some compelling argument it is just a speculation.
West china has cheap electricity via solar. Satellite images reveal large scale data center build outs. Untill now this electricity did not have much use as this region lacks major connectivity to ports and industrial regions.
It's because GLM 5.2 is offered on many inference providers, including providers in the US. Those companies only make their money by charging for inference, and yet they seem to be doing quite well while charging the exact same prices as Z.AI / GLM.
In fact, there's a price war where some of the US inference providers are undercutting the pricing of Z.AI's own GLM hosting. Novita & AtlasCloud are both offering 8% and 5% discounts on GLM 5.2 respectively. GMICloud is charging 30% less - but getting so hammered with demand that it only has 80% uptime & 7 tokens per second, so you get what you pay for.
You can find a list of providers & their pricing through OpenRouter here:
https://openrouter.ai/z-ai/glm-5.2#providers