亏损92亿也要上！MiniMax1%成本硬刚， 4年冲刺AI最快上市纪录

Core Viewpoint - The AI industry is experiencing a rapid surge, with MiniMax set to become one of the fastest companies to go public, aiming for an IPO in January 2026, just four years after its establishment [1][5][18]. Group 1: Company Overview - MiniMax has a youthful workforce, with an average employee age of 29, and is led by founder Yan Junjie, who has a strong academic and professional background in AI [3][4]. - The company has made significant strides in AI development, utilizing a multi-modal architecture and achieving a competitive edge in the global market [3][8]. Group 2: Financial Performance - MiniMax's revenue surged to 376 million yuan in the first nine months of 2025, marking a 170% year-on-year increase, with over 70% of its revenue coming from international markets [13]. - The company has maintained a low R&D cost of 3.5 billion yuan, significantly less than competitors like OpenAI, while achieving high-quality AI models [8][11]. Group 3: Market Position and Strategy - MiniMax is positioned to lead the "big model" IPO race alongside competitors like Zhipu AI, which has also filed for an IPO [5][6]. - The company has secured strategic partnerships, including a collaboration with Vision China, to access a vast database for training, mitigating copyright issues that have plagued the industry [10][11]. Group 4: Industry Trends - The AI sector is undergoing a transformation, with new policies promoting "AI+" initiatives, which are expected to stabilize the market and encourage sustainable business practices [15][17]. - The IPO process is becoming a critical benchmark for AI companies, emphasizing the need for clear business models and profitability rather than just technological prowess [17][20].