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Chinese large models won’t just compete on low prices—5 teams’ annualized revenue could reach $2.6 billion
According to Beating monitoring, low-priced and open-weight models helped Chinese models win users first; now, these users and enterprises’ deployments are beginning to turn into revenue.
After Menlo Ventures partner Deedy Das compiled financial reports, media coverage, and market updates, they estimated that the annualized revenue combined from Zhipu, DeepSeek, Moonshot, Keling, and MiniMax is approximately $2.6 billion.
Of this, Zhipu is about $1 billion. DeepSeek and Keling are each about $500 million, MiniMax is about $400 million, and Moonshot is about $200 million. Among the five teams, four have already entered the global top 25 AI company revenue rankings. The competitiveness of Chinese models is extending from low pricing and open weights to APIs, subscriptions, enterprise deployments, and cloud services.