兵贵神速！MiniMax下月有望上市

Core Viewpoint - MiniMax, a general artificial intelligence company, is set to potentially list on the Hong Kong Stock Exchange by January 2026, aiming to establish a record for the shortest time from establishment to IPO among AI companies [2] Financial Performance - MiniMax reported no revenue in 2022, with projected cumulative revenue of $87.42 million (approximately 616 million RMB) from 2023 to September 2025, including a staggering year-on-year revenue growth of 782.2% in 2024 and nearly 175% in the first nine months of 2025 [2] - The company's gross margin is expected to improve from -24.7% in 2023 to 23.3% in the first nine months of 2025, despite cumulative losses exceeding $1.327 billion (approximately 9.2 billion RMB) from 2022 to September 2025, indicating a high cash burn rate [2][3] Funding and Investment - Since its inception in early 2022, MiniMax has raised a total of $1.55 billion, with investments from top-tier institutions such as MiHoYo, Alibaba, Tencent, and Sequoia [3] - The company has spent $500 million during this period, contrasting with OpenAI's expenditure of $40 billion to $55 billion in the same timeframe [3] Product Development and Market Reach - MiniMax has developed a series of multimodal general models, including MiniMaxM2 and Hailuo2.3, and has launched various AI-native products globally, serving over 200 million users and at least 100,000 enterprises and developers across more than 200 countries and regions [4][5] - The company operates a dual-driven business model targeting both B2B and B2C markets [4] Legal Challenges - MiniMax faces legal challenges, having been sued by 12 Hollywood companies, including Disney and Warner Bros, for alleged copyright infringement related to its video generation product, Hailuo AI, with claims for a permanent injunction and up to $75 million in statutory damages [5] - The company's overseas revenue share has increased from 19.2% in 2023 to 73.1% in the first nine months of 2025, raising concerns about potential impacts on international operations if the lawsuit results in unfavorable outcomes [5]