估值近300亿！“大模型六小龙”之MiniMax冲刺IPO

Core Viewpoint - MiniMax Group Inc. is preparing for an IPO in Hong Kong, aiming to be one of the first companies in the "big model" AI sector to go public, alongside another company, Zhiyu [2] Company Overview - MiniMax was established in June 2021 and began operations in January 2022, focusing on research and development [2] - The company has a young workforce, with an average employee age of 29 and an average board age of 32 [2] - MiniMax has raised a total of $390.4 million in its latest funding round, achieving a post-money valuation of approximately $4.24 billion (about 29.84 billion yuan) [2] Funding History - MiniMax has completed seven funding rounds since its inception, including a $31 million angel round in December 2021 and a $50 million Pre-A round in April 2022 [2] - The company has consistently raised funds in 2023 and 2024, with two rounds of financing each year [2] Share Structure - MiniMax employs a dual-class share structure, where Class B shares carry ten votes per share, while Class A shares carry one vote [3] - Key shareholders include Dr. Yan Junjie, who holds approximately 28.25% of shares and 74.91% of voting rights, and Ms. Ren Yeyi, who holds 2.50% of shares and 6.65% of voting rights [3] Product Focus - MiniMax specializes in developing advanced large models and AI-native products, targeting both consumer and enterprise markets [4] - The company has adopted a mixture of expert (MoE) architecture and mixed attention mechanisms to enhance performance while reducing computational resource consumption [4] Revenue Generation - MiniMax's revenue primarily comes from AI-native products, an open platform, and other AI-based enterprise services [7] - The company has reported significant user engagement, with over 200 million individual users and more than 100,000 enterprise clients globally [7] Financial Performance - Revenue from AI-native products has shown substantial growth, with figures of approximately $0, $758,000, $2.18 million, and $3.80 million for the years 2022 to 2024 [8] - The company reported a total revenue of approximately $3.46 million in 2022, $30.52 million in 2023, and projected $53.44 million in 2024 [10] Future Plans - MiniMax plans to use the proceeds from its IPO to fund research and development over the next five years, focusing on large model development and scaling AI-native products globally [12]