According to CoinMeta, ByteDance's annual recurring revenue from its large model business has reached $4 billion, ranking first among Chinese companies based on currently public data. In comparison, Alibaba's revenue is around $1.5 billion, Zhipu is about $1 billion, DeepSeek is close to $500 million, and Moon's Dark Side is around $300 million. ByteDance has clearly widened the revenue gap with its domestic competitors. However, ARR is an estimate for the next year based on the current revenue rate, which does not mean that they have already earned $4 billion. ByteDance's AI revenue is still far lower than that of OpenAI and Anthropic.