据 Rhodium 新研究，中国前沿实验室的估值对 ARR 倍数远高于美国同行，Moonshot 约 167 倍、DeepSeek 约 163 倍，而 OpenAI 为 34 倍、Anthropic 为 21 倍。
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
OpenAI and Anthropic earn 10 times more than all Chinese AI models combined, per Rhodium research. OpenAI at roughly $40B in ARR and Anthropic at $65B, while ByteDance’s large-model business is about $4B and Alibaba’s Bailian MaaS about $2.3–$2.4B. And the reason is, models from China are mostly open source. Chinese models recorded more than 2B Hugging Face downloads in 2025, or 41% of the platform total. i.e. users can self-host them or access them through third parties without much revenue flowing back to the original developer.在 X 查看被引用的帖子
来源：@rohanpaul_ai · x.com