Chinese frontier labs are being priced at radically higher revenue multiples than their US peers, per new research from Rhodium. Moonshot at roughly 167x ARR and DeepSeek at 163x, versus 34x for OpenAI and 21x for Anthropic. Moonshot’s reported valuation alone surged from $4Bat the end of 2025 to $50B by August 2026. These are specifically valuation-to-ARR multiples, not ordinary trailing-revenue multiples. The reason is obvious. The denominator is especially weak in China because open-weight distribution limits direct monetization, model prices are dramatically lower, and Chinese customers historically pay less for SaaS and cloud services