China's AI models make only 10% of U.S. leaders' revenue: Rhodium

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 $1.8 billion, according to a transcript seen by CNBC.