[China Watch] The Reality Behind China’s AI Breakthroughs: Combined Revenue of Top 7 Models Reaches Barely 10% of America‘s Top Two

A Rhodium Group report on China's AI financing, released on September 17, found that total annual recurring revenue across all Chinese AI models stood at roughly $10.7 billion. The article, published by whytimes.kr, reports that this compares with about $105 billion recently reported for OpenAI and Anthropic combined. Its headline states that the combined revenue of China's top seven models reaches barely 10% of America's top two. The piece appears under the heading '[China Watch].'

The report also covers valuations. Rhodium noted that while absolute valuations for Chinese frontier labs remain below OpenAI's or Anthropic's, their valuation-to-revenue multiples look stretched, according to the article. Moonshot is cited as an example: its reported valuation rose from $4 billion in late 2025 to $50 billion by August 2026. The excerpt does not give revenue figures for Moonshot or for any individual Chinese model, and it does not identify the seven models named in the headline. It also does not break out OpenAI's and Anthropic's revenue from one another.

The article frames the numbers as the reality behind China's AI breakthroughs, setting reported revenue against the scale of valuations assigned to the country's frontier labs. Rhodium's comparison rests on the gap between the roughly $10.7 billion attributed to all Chinese AI models and the roughly $105 billion reported for the two US companies, a ratio of about one to ten. The report's observation about stretched multiples, as the article presents it, applies to Chinese frontier labs whose absolute valuations remain below those of OpenAI or Anthropic.