Data compiled by Woofun AI reveals a stark divergence in valuation metrics between Chinese open-source AI entities and their American counterparts. Zhipu, developer of the GLM 5.2 model, commands a market capitalization of approximately $137 billion against fiscal year 2025 revenues of roughly $107 million, yielding an extreme price-to-sales ratio of 1280 times.

Concurrently, MiniMax trades at a market value of about $23 billion with a P/S multiple of approximately 290 times. In contrast, leading US laboratories demonstrate more grounded valuations; OpenAI, valued at $852 billion, and Anthropic, at $965 billion, maintain P/S ratios of merely 34 times and 21 times, respectively.

This disparity stems from overseas user reluctance to transmit data directly to China due to privacy apprehensions, causing substantial demand to bypass direct API revenue channels in favor of third-party inference providers like OpenRouter. To substantiate current valuations, Chinese AI firms must urgently validate data non-retention protocols or pursue low-cost market penetration strategies. Alternatively, establishing revenue-sharing agreements or initial licensing collaborations with global inference platforms remains a critical pathway to expanding actual revenue scales.