Huo Xing Cai Jing reports that the U.S. research firm Rhodium Group estimates that the combined annual recurring revenue (ARR) of China’s AI models is only about 10% of OpenAI’s and Anthropic’s revenues. DeepSeek’s ARR is $500 million, MiniMax’s is $800 million, Moonshot’s is $1 billion, and Z.ai’s latest ARR is $1.8 billion. Even when adding ByteDance’s $4 billion and Alibaba’s $2.4 billion, these figures remain far below OpenAI’s $40 billion and Anthropic’s $65 billion. According to Rhodium’s report, Moonshot and DeepSeek are currently valued significantly higher relative to their revenue, with estimated multiples of 50x and 163x, respectively—higher than OpenAI’s 34x and Anthropic’s 21x. Z.ai has raised its full-year ARR forecast to $3 billion. Logan Wright, partner at Rhodium, stated that the funding gap makes it more difficult for China’s leading AI labs to expand sustainably, leaving them heavily reliant on favorable conditions in equity markets. Over 60% of equity investments in Chinese AI chips and servers originate from state-linked sources.
Chinese AI models' combined revenue is at 10% of U.S. leaders, according to the Rhodium Report.
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Summary
AI and crypto news reached a key milestone as Rhodium Group reported that Chinese AI models generate approximately 10% of the annual recurring revenue (ARR) of U.S. leaders like OpenAI and Anthropic. DeepSeek, MiniMax, Moonshot, and Z.ai reported ARRs of $500 million, $800 million, $1 billion, and $1.8 billion, respectively. Adding ByteDance’s $4 billion and Alibaba’s $2.4 billion, the total still trails OpenAI’s $40 billion and Anthropic’s $65 billion. Moonshot and DeepSeek trade at 50x and 163x revenue, respectively—above their U.S. peers. Z.ai raised its ARR forecast to $3 billion. Over 60% of AI infrastructure investment in China comes from state-linked sources, making scaling more challenging. Crypto news observers are monitoring how this gap evolves.
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