DeepSeek and six rivals make a tenth of OpenAI and Anthropic

Seven Chinese AI developers earned an estimated $10.7 billion in annual recurring revenue from March to August, according to a Rhodium Group report published on Thursday. The US-based research firm puts revenue reported for OpenAI and Anthropic at more than $100 billion combined, which leaves the Chinese group at about 10% of that, with investor enthusiasm still intense.

The list runs wider than chatbot shops: DeepSeek, Moonshot AI, Z.ai and MiniMax sit alongside Alibaba, ByteDance and Kuaishou, which runs the Kling AI video generator.

How the $10.7 billion splits among the seven isn’t given. Ten percent of the revenue against what reads like a far larger share of the excitement, in our view.