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Zhipu and Chinese AI companies like MiniMax have high valuation multiples, with PS ratios dozens of times higher than their American counterparts.
Among them, Zhipu AI has a market value of about 137 billion USD in Hong Kong stocks, but its revenue for fiscal year 2025 is only about 107 million USD, with a PS ratio as high as 1,280; MiniMax has a market value of about 23 billion USD in Hong Kong stocks, with revenue of approximately 79 million USD for fiscal year 2025, and a PS ratio of about 290.
In comparison, the leading unlisted American large model companies OpenAI and Anthropic have PS ratios of only about 34 and 21, respectively. As another reference, Alibaba (the company behind Tongyi Qianwen), which includes non-AI businesses, has a PS ratio of only 1.6.
Analysis indicates that unless Chinese AI companies can achieve explosive revenue growth of dozens of times in the short term or gain revenue sharing by investing in or acquiring U.S. third-party inference providers, their current high valuation multiples will be unsustainable; meanwhile, leading American AI laboratories, with their massive revenue scales, still have room for further valuation expansion after future IPOs.