Rhodium Group: Chinese AI Model Revenue Trails US Leaders by 90%

Research firm Rhodium Group estimates that the combined annual recurring revenue (ARR) of Chinese AI models is only about 10% of the revenue generated by OpenAI and Anthropic. While companies like DeepSeek, MiniMax, Moonshot, and Z.ai report significant ARR, their combined figures—even including contributions from ByteDance and Alibaba—remain far below the $40 billion and $65 billion ARR of OpenAI and Anthropic, respectively. Rhodium notes that Chinese AI labs face high valuation-to-revenue ratios and significant funding gaps, making them heavily dependent on equity markets and state-linked investment sources for sustainable expansion.