Inside OpenAI’s $20B Revenue Discrepancy & China’s Increasingly Crowded AI Race

OpenAI's real annualized revenue is closer to $50B, not the $70B widely reported, due to inconsistent ARR accounting across AI labs.

• China's AI field is crowding: Beyond DeepSeek, Moonshot (Kimi), and Zhipu (GLM), Alibaba, Tencent, ByteDance, Meituan, Xiaomi, and even gaming studio MiHoYo are now building LLMs, per Jing Yang.
• No stable leader, no M&A: Leaderboards reshuffle with every release; unlike in the US (e.g. AMD's $8B Fuxi/labs-style deal), Chinese rivals rarely acquire each other due to mutual distrust across overlapping businesses.

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