Chinese AI labs are doing serious numbers. I looked up all the reported and leaked numbers of the 5 big independent labs: Moonshot (Kimi), DeepSeek, Zhipu (GLM), Kuaishou (Kling), Minimax and the 2 hyperscaler labs: Bytedance (Seedance) and Alibaba (Qwen). The private labs are doing $2.6B in revenue run rate. Still behind the big 2 labs, but 4 of 5 are in the top 25 of global AI companies by revenue. With Kimi K3 dropping and Seedance 2.5 coming soon, China continues to close the gap on LLMs and extend their lead on video. The AI race just does not stop. Disclaimer: some of the numbers on growth, revenue, gross margin and valuations are either being sought, rumored and purported by third party sources and not straight from the company. For example, DeepSeek numbers come from the Information and Zhipu from a Macquarie analyst. The public ones are listed in the Hong Kong exchange where only half year financials are mandatory, not quarterly.