Two revenue figures published by The Information on Wednesday establish the commercial scale now being achieved by the leading Chinese AI tier. MiniMax — which offers AI video generation and large language model products — has reached eight hundred million dollars in annual recurring revenue, driven primarily by enterprise adoption, a figure that places it among the highest-revenue AI companies globally. DeepSeek, whose open-source model release earlier this year attracted substantial attention in Western markets, has reached seventy million dollars in revenue as of July 2026 — a tenfold increase from full-year 2025 levels — with API adoption and enterprise integrations as the primary drivers. Both trajectories make near-term public listings plausible; a DeepSeek IPO, if it materialises, would be the most consequential Chinese technology listing in several years and would provide a public market benchmark against which Western AI companies' valuations would be directly compared. For competitive assessments that have treated the Chinese AI tier as a benchmark participant rather than a commercial rival: those assessments require revision.