最快上市AI公司诞生？MiniMax通过港交所聆讯，成立不足四年

Core Insights - MiniMax, a leading AGI company, aims to become the fastest AI company from establishment to IPO, marking a significant step for Chinese influence in international capital markets [1] - The company has developed a comprehensive AI product matrix and serves over 2.12 million users and 130,000 enterprise clients globally, with over 70% of revenue coming from international markets [1][3] - MiniMax's innovative models in voice, video, and text have achieved top rankings globally, showcasing its technological advancements and market competitiveness [2] Group 1 - MiniMax was founded in early 2022 and focuses on developing globally competitive general models [1] - The company has over 200 million individual users across more than 200 countries and regions, with a revenue growth of over 170% year-on-year for the first nine months of 2025 [1][3] - MiniMax is recognized as one of the "top four" companies in the global full-modal model sector, demonstrating its strong technological capabilities [1] Group 2 - In the voice domain, MiniMax launched the Speech 01 model in 2023 and plans to release the superior Speech 02 model in 2024, generating over 220 million hours of speech [2] - The company has also made significant strides in video generation, with its Hailuo-02 model ranking second globally in evaluations, generating over 590 million videos [2] - The MiniMax M2 text model, released in October 2025, quickly rose to the top ranks in global model usage, marking a significant achievement for Chinese open-source models [2] Group 3 - MiniMax has maintained efficient commercialization and organizational effectiveness, with adjusted net losses nearly flat year-on-year despite rapid growth [3] - The company has spent approximately $500 million (around 3.5 billion RMB) since its inception, significantly less than competitors like OpenAI, while achieving global leadership in full-modal models [3] - With a young workforce averaging 29 years old and a high proportion of R&D personnel, MiniMax has established a flat management structure that supports rapid innovation and operational efficiency [3] Group 4 - MiniMax has received investments from top firms such as MiHoYo, Alibaba, Tencent, and Sequoia, positioning it as one of the fastest-growing and highest-valued AI technology companies [4] - As the AGI sector transitions from a "hundred models battle" to a consolidation phase, MiniMax's proven global commercialization path and efficient organization make it a highly anticipated IPO candidate [4] - The company is expected to become a rare asset in the global AGI market and a leading AI enterprise with international competitiveness [4]