Tracked China AI lab annualized revenue pace
The bars use the left dollar axis. Comparable-cohort quarter-over-quarter growth uses the right percentage axis. The series covers disclosed data and does not estimate total industry revenue. Q3 2026 is incomplete and runs through Aug. 31.
Q3 2026 through Aug. 31: ≥$3.1B
August MaaS revenue annualized from the latest month. The weekly pace reached $2B; this series uses the less volatile monthly figure.
Company disclosed: Z.ai results reporting / ZhitongThe disclosure is a floor; the segment may be larger.
Company disclosed: Yicai earnings-call reportCarried from 2026 Q2 under the one-quarter limit.
Press reported: BloombergThe lighter cap shows the reported range above the lower bound.
Press reported: The InformationMethod and publication rules
Included: company ARR; monthly revenue × 12; quarterly revenue × 4; or a credible publication's explicitly annualized sales or API-revenue figure. Each observation keeps its exact basis and source.
Excluded: bookings, signed but not live commitments, forecasts, full-year guidance, H1 revenue × 2, parent-cloud revenue, and figures that cannot be assigned to the lab.
Quarterly total: Tq = Σ Ri,q. A missing value may be carried for one quarter, shown with hatching, then drops out. Floors and ranges remain floors and ranges in the total.
Growth: Gq = Σ Ri,q / Σ Ri,q−1 − 1 for the constant cohort present in both quarters on the same basis. The cohort count and inequality direction are published with every point.
Review cadence: quarterly, plus an interim update when a tracked lab publishes a material new figure. Publication requires a dated source, named measurement basis, period cutoff, range/floor treatment, and a reproducible cohort calculation. Last reviewed Sep. 2, 2026.
ARR & Run-Rate Multiple Snapshot
This is a valuation-to-run-rate comparison, not a clean ranking. The Western labs use private-market valuations; MiniMax and Zhipu use public market caps. The denominator mixes company-disclosed ARR, press-reported ARR, annualized sales pace, and a revenue forecast, so each row keeps its basis visible.
| Company | Valuation / market cap | ARR / run-rate used | Valuation / run-rate |
|---|---|---|---|
| MiniMax | $9.5B Market cap · live, 2026-10-13 | $800M+ company-disclosed ARR | ~11.9x |
| Anthropic | ~$965B | $65B+ reported run-rate | ~14.8x |
| OpenAI | ~$852B | $40B reported run-rate | ~21.3x |
| Zhipu / Z.ai | $37.6B Market cap · live, 2026-10-13 | $1.6B monthly annualized run-rate | ~23.5x |
| StepFun | $10B $10B reported IPO target valuation | ~$165M 2026E revenue | ~60.6x |
| Moonshot / Kimi | ~$20B | ~$300M reported ARR | ~66.7x |
| DeepSeek | $50B $45-50B reported first external raise talks | $400M-$500M reported run-rate | ~100x-125x |
OpenAI / Anthropic footnote: reported run-rates are not normalized. OpenAI's March 2026 valuation is from OpenAI; its revenue growth basis is from Semafor. Anthropic's May 2026 valuation is from Axios; its latest $65B+ run-rate is reported by TechCrunch, citing Bloomberg. OpenAI's latest $40B run-rate is also reported there. Anthropic's earlier growth basis is from Axios. Semafor separately reported that OpenAI counts cloud-partner token sales closer to net revenue, while Anthropic counts closer to gross revenue, and that OpenAI's run-rate could be up to $8B higher if counted on a gross basis.
China-lab footnote: MiniMax disclosed ARR above $800M on its August earnings call. Bloomberg reported Moonshot at about $300M ARR in June. Z.ai reported an August MaaS pace of $1.6B annualized from the latest month and $2B from the latest week; this table uses the less volatile monthly figure. The Information reported DeepSeek at a $400M-$500M annualized API revenue pace. Z.ai and DeepSeek are run-rates, not recognized revenue; StepFun remains a 2026 revenue forecast.
Alibaba disclosed RMB8.971B (~$1.3B) of AI-related product revenue inside Cloud Intelligence. This is stronger than generic cloud revenue, but it is still Alibaba platform revenue around Qwen, Bailian, training, inference, and cloud AI products, not a clean Qwen product/API line.
via Alibaba results / SCMPZ.ai reported RMB954M (~$132M) of 1H2026 revenue. Its open-platform and API segment contributed RMB825M, or 86.5% of revenue, at a 24.6% gross margin. On August 31, the company put MaaS annualized revenue at $1.6B using the latest month and $2B using the latest week; the Atlas uses the less volatile monthly figure.
via Z.ai HKEX interim resultsMiniMax reported $116.6M of 1H2026 revenue, including $73.9M from enterprise and open-platform services. CEO Yan Junjie said August ARR exceeded $800M; enterprise customers contributed about 80% of that run-rate.
via MiniMax H1 resultsThe Information reported $70.7M of revenue for January-July 2026 and a separate $400M-$500M annualized API-revenue pace. The run-rate is reported, not audited ARR.
via The InformationBloomberg reported Moonshot at about $300M ARR in June, up from $200M in April and roughly $100M in March. Moonshot has not disclosed recognized revenue or audited financials.
via BloombergStepFun reportedly generated about 500M CNY (~$69M) in 2025 revenue, with a 2026 forecast near 1.2B CNY (~$165M).
via CMBI citing CaijingByteDance does not disclose Seed/Doubao revenue. 36Kr reports Volcano Engine leading public-cloud model calls and highlights Doubao's phone/agent push as an ecosystem-control test.
via 36KrXiaomi reported $14.63B in FY2025 Smart EV + AI segment revenue, but MiMo revenue is not separately disclosed.
via Sina FinanceTencent does not disclose Hunyuan revenue separately. Signal comes from cloud, Yuanbao, and platform reach.
via Tencent annual reportLongCat fits Meituan workflows, but no separate revenue disclosure exists yet.
Baichuan has a concrete healthcare vertical, but scale remains unclear.