火线解析MiniMax招股书，全球领先大模型成本只有OpenAI 1%，果然拳怕少壮

Core Viewpoint - MiniMax, a leading AI model unicorn, has officially passed the Hong Kong Stock Exchange hearing, signaling its IPO ambitions amidst discussions of a bubble in the AI sector, particularly concerning OpenAI and other major players [1][3]. Group 1: Company Overview - MiniMax has raised over $1.5 billion in funding within four years, attracting investments from notable firms such as MiHoYo, Alibaba, Tencent, and others [3][26]. - The company aims to develop a global general artificial intelligence (AGI) and has a presence in over 200 countries, with 70% of its revenue coming from international markets [3][29]. - MiniMax's total expenditure has been approximately $500 million, significantly less than competitors like OpenAI, which has spent between $40 billion to $55 billion [29][30]. Group 2: Technological Advancements - MiniMax is one of the few companies that have focused on multimodal model development since its inception [4]. - The company has released several models, including the M1 and M2 text models, achieving top rankings in performance metrics [8][9]. - MiniMax's speech model, Speech 01, and its subsequent versions have been recognized for their comprehensive capabilities, supporting over 40 languages and generating over 2.2 billion hours of speech [11][12]. - The video model Hailuo has also achieved high rankings in independent tests, demonstrating its advanced capabilities in video generation [13]. Group 3: Business Model and Financial Performance - MiniMax employs a "model-as-product" strategy, focusing on subscription services and cloud API sales, which contribute to a sustainable revenue model [15][18]. - The company reported revenues of $3.46 million in 2023, projected to soar to $30.52 million in 2024, marking a year-on-year increase of 782.2% [17]. - By the first nine months of 2025, MiniMax's revenue reached $53.44 million, reflecting a 175% increase compared to the previous year [17]. - The gross margin improved from -24.7% in 2023 to 23.3% in the first nine months of 2025, indicating enhanced profitability [19][20]. Group 4: Research and Development Efficiency - MiniMax's R&D expenses have increased significantly, with cloud computing costs for training rising from $4.15 million in 2022 to $142.4 million in the first nine months of 2025 [22][23]. - Despite ongoing losses, the adjusted net loss has been decreasing relative to revenue growth, suggesting a successful business model [24]. - The company has a cash reserve of $1.102 billion, sufficient to sustain operations for over 53 months without additional funding [24]. Group 5: Team Composition and Culture - Founded in 2022, MiniMax has a young team with an average age of 29, and 73.8% of its 385 employees are in R&D roles [25][28]. - The leadership team includes experienced individuals from SenseTime, contributing to the company's strong technical foundation and operational efficiency [26][27]. - The organizational structure is highly flat, promoting rapid decision-making and efficiency, with over 80% of the code being generated by AI [28][29].