争夺“大模型第一股”，智谱向左、MiniMax向右

Core Insights - MiniMax, a company in the "big model" sector, has released its prospectus shortly after Zhipu AI, highlighting the financial data and potential risks of leading domestic AI companies [1][2] - MiniMax's revenue over the past three years is $87.42 million (approximately 620 million RMB), with a cumulative loss of $1.32 billion (approximately 929 million RMB), which is higher than Zhipu AI's losses [1][2] - The company emphasizes its multi-modal AI capabilities and a range of consumer-facing products, contrasting with Zhipu AI's focus on B2B clients [1][2] Financial Performance - MiniMax's revenue has shown rapid growth, increasing from $3.46 million in 2023 to $30.52 million in 2024, a year-on-year growth of 782.1%, and further rising to $53.44 million in the first nine months of 2025, a 174.8% increase from the previous year [9][12] - The revenue structure has shifted significantly, with consumer applications contributing 71.4% of total revenue in 2024, up from 21.9% in 2023 [11][12] - Despite revenue growth, MiniMax's net losses have also expanded, from $73.73 million in 2022 to $270 million in 2023, and projected to reach $470 million in 2024 [14][15] Business Model and Strategy - MiniMax adopts a "multi-modal + product-heavy" strategy, developing capabilities across text, voice, image, and video, aiming for a comprehensive AI solution [3][7] - The company has raised over $1.55 billion from prominent investors, allowing it to pursue multiple technology paths simultaneously [3][7] - MiniMax's core growth comes from AI-native applications rather than enterprise services, indicating a more diversified revenue approach compared to Zhipu AI [19][20] Market Position and Competition - MiniMax's user base has expanded significantly, with active users increasing from 3.1 million in 2023 to 19.1 million in 2024, and paid users growing from 120,000 to 650,000 in the same period [12][14] - The company faces competition from specialized players in various fields, such as ChatGPT in text generation and Midjourney in image generation, which increases operational complexity [8][20] - MiniMax's reliance on overseas markets is notable, with over 70% of its revenue coming from international sources, raising potential legal and operational risks [16][17] Comparative Analysis with Zhipu AI - Both MiniMax and Zhipu AI are experiencing rapid revenue growth and high R&D expenditures, but they differ in their monetization strategies, with MiniMax focusing on consumer applications and Zhipu AI on B2B services [18][24] - Zhipu AI's revenue model is more predictable, relying on high-margin enterprise deployments, while MiniMax's approach is riskier but offers higher growth potential [19][24] - The contrasting paths of these companies highlight the diverse strategies within the AI sector, suggesting that multiple business models may coexist in the market [24]