# Anthropic's 85.4% gross margin dwarfs Z.ai's 26.4% and MiniMax's 17.9%

> Original title: Why Chinese AI stars like Z.ai, MiniMax struggle to match Anthropic’s profit margin

- Source: South China Morning Post · Tech
- Published: 2026-11-03T12:30:13.000Z
- Bad Influence: https://badinfluence.news/items/cgfvhnflccjwqyyjui8z3hbb8
- Original: https://www.scmp.com/tech/big-tech/article/3373124/why-chinese-ai-stars-zai-minimax-struggle-match-anthropics-profit-margin

## Summary

Anthropic 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.