Chinese OpenAI Competitors MiniMax and Zhipu AI Reveal Initial Business Models Before Going Public

Written by Emily J. Thompson, Senior Investment Analyst

Source: SeekingAlpha

Updated: Dec 22 2025

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Source: SeekingAlpha

Chinese AI Startups: MiniMax and Zhipu AI, backed by Alibaba and Tencent, are competing to be the first domestic generative AI startups to go public, revealing their business models and earnings potential through listing filings.
Revenue Comparison: For 2024, Zhipu AI is projected to generate 312.4 million yuan ($44.4 million) in revenue, while MiniMax is expected to earn $30.5 million, significantly lower than OpenAI's estimated $13 billion and Anthropic's projected $9 billion in annual revenue.
Valuation Insights: Both MiniMax and Zhipu AI are valued at approximately $4 billion each, positioning them as part of China's emerging 'new AI tigers' alongside other companies like Moonshot AI and Baichuan.
Market Context: The competitive landscape includes notable developments such as Tencent's access to Nvidia Blackwell chips and ongoing discussions about Alibaba's AI value compared to Amazon, highlighting the dynamic nature of the AI sector in China.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.