Anthropic's 85.4% gross margin dwarfs Z.ai's 26.4% and MiniMax's 17.9%
AIAnthropic reported an 85.4% gross profit margin in the first half of 2026 in its S-1 IPO prospectus, against 26.4% for Z.ai (Zhipu AI) and 17.9% for MiniMax, according to the two Hong Kong-listed companies' latest financial disclosures. The filing, submitted last week to the US Securities and Exchange Commission, shows a wide profitability gap between the Claude developer and its closest Chinese rivals.
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South China Morning Post · Tech · Chong Ming Lee · scmp.comPublished · added here
Original title: Why Chinese AI stars like Z.ai, MiniMax struggle to match Anthropic’s profit margin