DeepSeek trades at 163x revenue vs Anthropic's 21x, Rhodium data shows Chinese AI labs priced rich
bittingthembits · x · 2026-09-21
Rhodium Group published figures comparing Chinese AI labs to US frontier labs:
Revenue run rates: OpenAI $40B, Anthropic $65B, ByteDance $4B, Alibaba $2.4B, Moonshot $1B, MiniMax $800M, DeepSeek $500M — all Chinese models combined produce roughly 10% of OpenAI and Anthropic's revenue.
Multiples: Anthropic 21x, OpenAI 34x, Moonshot 50x, DeepSeek 163x.
The author notes Bittensor trades between OpenAI and Moonshot, turning the same revenue critique on the whole AI industry. Rhodium itself says Moonshot and DeepSeek valuations relative to revenue appear exorbitant.
Related event: Report: US AI Labs Far Outpace Chinese Rivals in Revenue(2 posts)→
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