智谱、MiniMax陆续通过港交所聆讯 国产AI大模型公司角逐“大模型第一股”

Core Insights - The AI large model industry is accelerating its capitalization, with companies like Zhipu and MiniMax entering the IPO stage in Hong Kong, expected to list by early 2026 [1][9] - Zhipu focuses on AGI foundational models, while MiniMax specializes in multimodal models, indicating different technological and business approaches within the same competitive landscape [1][9] Company Overview: Zhipu - Zhipu is the first among the "Six Little Tigers" of AI large models to initiate an IPO, with a strong focus on B2B users and a business model centered around MaaS (Model as a Service) [2][9] - Founded in 2019, Zhipu has shown rapid revenue growth, with projected revenues of 57.4 million, 124.5 million, and 312.4 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 130% [2][4] - The company has a significant R&D investment, totaling approximately 4.4 billion yuan over several years, supporting its technological advancements [4] Company Overview: MiniMax - MiniMax, which focuses on C-end products, aims to become the fastest AI company to go public, with over 70% of its revenue coming from consumer products [6][7] - Established in early 2022, MiniMax has developed several multimodal models and AI-native products, achieving a revenue increase of over 700% in its second year [6][7] - The company has also secured substantial funding, totaling approximately 1.555 billion USD across seven financing rounds, with a cash balance of 363 million USD as of September [8] Market Dynamics - The entry of Zhipu and MiniMax into the IPO process is seen as a milestone for the AI industry, potentially reshaping the narrative from technology storytelling to commercial value realization [9] - Analysts suggest that the differing business models of Zhipu and MiniMax highlight the segmentation within the AI large model market, with Zhipu targeting developers and enterprises, while MiniMax focuses on consumer applications [9]