OpenAI and Anthropic are making 10 times more revenue than all Chinese AI models combined, research group Rhodium says

Chinese AI companies generate significantly less revenue than U.S. competitors, with all Chinese models combined making only about 10% of what OpenAI and Anthropic earn annually, despite rapid user adoption. However, Chinese startups are valued much higher relative to their revenue (for example, DeepSeek has a valuation-to-revenue ratio of 163x compared to OpenAI's 34x), raising concerns about whether these valuations are justified. The revenue gap makes it harder for Chinese AI labs to grow sustainably without continued government support, particularly since their open-source models charge much less per task than the closed, proprietary U.S. models.