2 1 Shi Ji Jing Ji Bao Dao·2025-12-22 03:08Core Viewpoint - MiniMax has submitted its IPO application, revealing significant revenue growth projections alongside substantial net losses in the upcoming years [2]. Financial Performance - MiniMax's projected revenues for the first three quarters of 2023, 2024, and 2025 are $2.46 million, $30.52 million, and $53.44 million respectively, while net losses are expected to be $269 million, $465 million, and $512 million [2]. - The gross margins are projected to be -24.7%, 12.2%, and 23.3% for the same periods [2]. Revenue Sources - The majority of MiniMax's revenue comes from AI-native products and enterprise services, with AI-native product revenue accounting for 71.1% of total revenue in the first three quarters of 2025 [2]. - Specific product revenues include $1.746 billion from the Hai Luo AI platform (32.6% of total revenue) and $1.875 billion from the Talkie/Xingye platform (35.1% of total revenue) [2]. Market Focus - MiniMax's business is primarily focused on the consumer end (C-end), with over 70% of its revenue generated from overseas markets, amounting to $390 million in the first three quarters of 2025 [3]. - The Singapore market contributes 24.3% and the U.S. market contributes 20.4% to the total revenue [3]. Partnership with Alibaba - MiniMax has a strategic alliance with Alibaba, with Alibaba holding a 13.66% indirect stake and 3.64% voting rights in MiniMax as of December 15, 2025 [4]. - MiniMax has been purchasing cloud computing services from Alibaba since 2022, with transaction amounts increasing significantly over the years [4]. Transaction Details - The amounts MiniMax spent on Alibaba's cloud services from 2022 to the first three quarters of 2025 are approximately $40,000, $3.1 million, $10 million, and $58.4 million respectively [5]. - MiniMax's sales of API services to Alibaba started in 2023, with amounts of $0, $41,400, $33,300, and $233,000 for the respective years [5]. Future Projections - MiniMax expects to significantly increase its API service revenue to Alibaba, projecting a growth of at least 200% over the next three years [5]. - The annual spending cap for cloud services from Alibaba is set at $115 million, $125 million, and $135 million for the years 2026, 2027, and 2028 respectively [5].