US artificial intelligence giant Anthropic’s initial public offering prospectus has exposed a vast profitability gap between it and rivals Z.ai and MiniMax, highlighting the challenges facing China’s AI model developers in turning technological advances into sustainable businesses.
The Claude developer’s filing with the US Securities and Exchange Commission (SEC) last week revealed a significant financial advantage over its most direct Chinese counterparts, despite the latter’s continued advances in model capabilities, analysts said.
Anthropic reported a gross profit margin of 85.4 per cent in the first half of 2026, compared with 26.4 per cent for Z.ai, also known as Zhipu AI, and 17.9 per cent for MiniMax, according to Anthropic’s S-1 prospectus and the two Hong Kong-listed companies’ latest financial disclosures.
