Chinese AI firms Zhishupu and MiniMax trade at price-to-sales multiples 10 times higher than their U.S. peers.

According to monitoring by Beating, comparative data disclosed by investor Tommy Shaughnessy shows that Chinese large model companies such as Zhipu AI and MiniMax, which are listed on the Hong Kong Stock Exchange, have significantly higher price-to-sales ratios (PS) than their U.S. counterparts. Zhipu AI’s market capitalization on the Hong Kong exchange has reached approximately $137 billion, while its revenue for fiscal year 2025 is estimated at only $107 million, resulting in a PS ratio of around 1,280x. MiniMax’s market capitalization in Hong Kong is approximately $23 billion, with fiscal year 2025 revenue of about $790 million, yielding a PS ratio of roughly 290x. In contrast, unlisted U.S. leading large model companies OpenAI and Anthropic have PS ratios of only about 34x and 21x, respectively. As another reference point, Alibaba—behind the Qwen model—whose business includes non-AI operations—has a PS ratio of just 1.6x. Analysts note that unless Chinese AI companies experience a tens-fold surge in revenue in the near term, or secure revenue-sharing arrangements by investing in third-party U.S. inference providers, their current high valuation multiples are unsustainable. Meanwhile, leading U.S. AI labs, supported by their substantial revenue scales, still have room for further valuation expansion following future IPOs.