BEIJING — China's artificial intelligence models may be enjoying rapid adoption but that isn't yet translating into revenue, raising questions about company valuations. All of China's AI models combined generate only about 10% of the revenue reported for OpenAI and Anthropic, U.S.-based research firm Rhodium Group said in estimates published Thursday. That's based on reports using an industry metric called annual recurring revenues, which attempts to capture fast growth by multiplying a recent monthly figure by 12. DeepSeek's ARR was the lowest among major Chinese AI companies, at $500 million, the Rhodium report said. MiniMax was next at $800 million, followed by Moonshot at $1 billion. Z.ai told investors on Wednesday its latest ARR was $1.
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