Rhodium Group published estimates on Thursday using annual recurring revenue, an industry metric calculated by multiplying a recent monthly revenue figure by 12. OpenAI’s ARR stands at $40 billion, while Anthropic’s reaches $65 billion, the firm said. Among Chinese companies, ByteDance led with $4 billion, followed by Alibaba at $2.4 billion. Z.AI told investors on Wednesday its ARR was $1.8 billion, according to a transcript seen by CNBC. Moonshot’s ARR was $1 billion, MiniMax’s was $800 million, and DeepSeek’s was $500 million.