America is winning the AI race on the only scoreboard that matters. |
Two American companies — Anthropic and OpenAI — now collect roughly ten times the revenue of every major Chinese AI model combined. |
Go here to secure your Pre-IPO stake today. |
Anthropic is running at $65 billion in annual recurring revenue. OpenAI is at $40 billion. All of China's major models together are $10.7 billion, according to a new report published Thursday. |
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Consider what that means. Two companies, both founded in the last decade, out-earn an entire nation's AI industry by ten to one. |
Want to secure your private shares of Anthropic and OpenAI? Here’s how to get started. |
The China breakdown: |
· ByteDance $4 billion |
· Alibaba $2.4 billion |
· Z.ai $1.8 billion |
· Moonshot $1 billion |
· MiniMax $800 million |
· DeepSeek $500 million. |
That last number deserves a moment. DeepSeek erased $589 billion of Nvidia's market value in a single day last year — the largest one-day loss in market history. It earns $500 million in revenues. |
The scare was real. The business behind it is still tiny. |
Here's the part that matters for IPO investors… |
Rhodium also ran valuation-to-revenue multiples. DeepSeek trades at 163 times revenue. Moonshot at 50 times. OpenAI at 34. Anthropic at 21. |
That’s right. America’s two leading AI companies are both have the lowest multiples. |
Moonshot's and DeepSeek valuations are exorbitant by comparison. Both companies plan to take advantage by raising money at inflated share prices. |
Moonshot has filed confidentially in Hong Kong, reportedly targeting a $3 billion raise. DeepSeek is said to be preparing a listing of its own. |
Anthropic is expected IPO on the Nasdaq in late October or November. Reuters reported that the public S-1 slipped to late September, with the roadshow pushed to mid-October. OpenAI has moved its IPO target date to 2027. |
Here’s the difference between American and China AI labs. |
The American frontier labs are closed, proprietary models. They charge expensive usage fees. Meanwhile, the Chinese companies operate open-source models. |
American labs sold access from day one. Anthropic went further and sold to enterprises — 85% of its revenue comes from businesses and developers. And OpenAI has built a solid business serving both consumers and enterprise. |
Here’s the bottom line. |
Over 90% of the AI revenue is accruing to Anthropic and OpenAI. These leaders are huge, growing quickly, and on a path to profitability. |
That could set the stage for both of these companies to go public with valuations above $2 trillion. |
Now’s the time to secure your Pre-IPO shares – before the prospectus is finalized. |
Don’t wait – check this out now. |
Ian Wyatt
Editor, IPO Watch |
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