The combined annual recurring revenue (ARR) of the seven biggest Chinese AI developers has hit $10.7 billion. That’s about 10% of what OpenAI and Anthropic are pulling in, according to a new report from Rhodium Group. The analysts dug into China’s AI funding scene and stacked up the key metrics against the major U.S. players.

Chinese AI ARR: $10.7 Billion

Rhodium Group pegs the ARR for China’s top seven AI firms at $10.7 billion. The lineup includes Alibaba, ByteDance, Kuaishou, DeepSeek, Moonshot AI, Z.ai, and MiniMax.

How They Stack Up Against OpenAI and Anthropic

The report points out that this ARR haul is roughly 10% of what OpenAI and Anthropic bring in. When you look at company valuations compared to revenue, some Chinese AI firms are already on par with—or even valued higher than—their American counterparts.

Valuations vs. Revenue

Despite sky-high valuations, revenue is lagging behind: the research highlights this gap when comparing Chinese AI developers to U.S. competitors. Rhodium Group calls out the imbalance between market hype and actual cash flow, emphasizing the big differences in monetization strategies and business scale.