GoKawiilChinese AI firms trail OpenAI, Anthropic by 10x in revenue, Rhodium finds
Rhodium Group estimates that all major Chinese AI companies combined—including DeepSeek, MiniMax, Moonshot, Z.ai, ByteDance and Alibaba—generate roughly one-tenth the annualized revenue of OpenAI and Anthropic alone. DeepSeek's estimated annual recurring revenue is just $500 million, while OpenAI's reaches $40 billion and Anthropic's $65 billion.
GoKawiil's interpretation of the reporting above, not reported fact.
The gap suggests Chinese AI startups are being valued far beyond what their actual revenue justifies, with Moonshot and DeepSeek trading at revenue multiples of 50x and 163x compared to 34x and 21x for OpenAI and Anthropic. This mismatch raises red flags about a potential valuation bubble in China's AI sector even as user adoption grows quickly.
- Combined Chinese AI revenue is about 10% of OpenAI and Anthropic's totals.
- DeepSeek's estimated ARR of $500 million is the lowest among major Chinese AI firms.
- Valuation-to-revenue ratios for Moonshot and DeepSeek far exceed those of their U.S. counterparts.
Source: cnbc.com — Evelyn Cheng, 2026-09-17
Published there as: “OpenAI and Anthropic are making 10 times more revenue than all Chinese AI models combined, research group Rhodium says”
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