Wisdom Star and other Chinese AI companies have high valuation multiples, with a P/S ratio tens of times higher than their U.S. peers.

According to SuplAI Beating monitoring, based on the comparative data disclosed by investor Tommy Shaughnessy, the valuation-to-revenue ratio (P/S ratio) of Hong Kong-listed Zhiku AI and MiniMax and other large-scale Chinese AI companies far exceeds that of their American counterparts.

Among them, Zhiku AI's market value on the Hong Kong Stock Exchange has reached around $137 billion, but its FY2025 revenue is only about $107 million, resulting in an extraordinarily high P/S ratio of 1280x; MiniMax has a market value of around $23 billion, with FY2025 revenue of about $79 million, leading to a P/S ratio of around 290x.

In comparison, the unlisted top American large-scale AI companies OpenAI and Anthropic have P/S ratios of only about 34x and 21x, respectively. As another reference, Alibaba, which includes non-AI businesses (the parent company of Tongyi Qianwen), has a P/S ratio of only 1.6x.

Analysis indicates that unless Chinese AI companies experience a several-fold explosive revenue growth in the short term, or engage in investment in and ownership of American third-party inference providers to exchange for revenue sharing, their current high valuation multiples will be difficult to sustain; whereas leading American AI labs, with their substantial revenue scale, still have room for further expansion of valuation multiples after future IPOs.