It was on the notorious Stelvio course in Bormio, Italy, that the accident occurred during Friday's training session. Sarrazin lost control in a jump, landed on his back and then lay still after gliding into the safety net at high speed.
The Frenchman was airlifted and operated on Friday evening for a bleeding between the brain and skull bone.
"Cyprien Sarrazin was operated on last night to reduce the intracranial bleeding", said the French Ski Federation, FFS, in a statement on Saturday morning.
The 30-year-old has now woken up.
"After his operation on Friday evening, Cyprien Sarrazin is awake and conscious. His condition is stable, but he will be kept under observation for an indefinite period", says FFS in a new statement later in the day.
Sarrazin won the downhill race on Bormio's daunting Stelvio course last year. Saturday's competition was won by Alexis Monney, Switzerland – his first World Cup victory in his career. Felix Monsén was the only Swedish participant and finished 33rd.