OpenAI and Anthropic make 10 times more revenue than all Chinese AI models combined, Rhodium says

Rhodium Group estimated the combined revenue of all Chinese AI models at about 10% of OpenAI and Anthropic. DeepSeek ARR is $500 million, MiniMax $800 million, Moonshot $1 billion, Z.ai $1.8 billion, versus $40 billion for OpenAI and $65 billion for Anthropic. Chinese startup valuations are inflated: 50x and 163x revenue versus 34x and 21x for US companies.

• DeepSeek ARR $500 million, Moonshot $1 billion, Z.ai $1.8 billion
• OpenAI $40 billion ARR, Anthropic $65 billion
• Moonshot and DeepSeek multiples 50x and 163x revenue
• Z.ai raised ARR forecast to $3 billion by year-end