OpenAI and Anthropic generated a combined annual recurring revenue (ARR) estimated at $105 billion, 10 times the $10.5 billion combined ARR of six major Chinese AI developers, according to Rhodium Group. OpenAI’s ARR was estimated at $40 billion and Anthropic’s at $65 billion. Among the Chinese companies, ByteDance led with $4 billion, followed by Alibaba at $2.4 billion, Z.ai at $1.8 billion, Moonshot AI at $1 billion, Minimax at $800 million and DeepSeek at $500 million. Rhodium said Chinese AI companies continue to command high valuations relative to revenue, with Moonshot AI valued at 50 times ARR and DeepSeek at 163 times, compared with 34 times for OpenAI and 21 times for Anthropic. The report also estimated that state-linked funds supplied more than 60% of investment in China’s AI chip and server sectors. Rhodium partner Logan Wright said the funding gap could make it harder for advanced Chinese AI firms to scale sustainably, while Chinese companies’ reliance on stock markets faces historical constraints and government support remains focused more on hardware than individual companies.