最年轻AI团队MiniMax上市获热捧，基石投资者认购超27亿港元，拟1月9日挂牌

Core Viewpoint - MiniMax is set to launch its IPO on January 9, 2026, potentially becoming the fastest AI company to go public globally, and the first AGI company with global capabilities listed on the Hong Kong Stock Exchange [1][12]. Group 1: Company Overview - MiniMax was founded four years ago and has developed a state-of-the-art (SOTA) capability system covering text, speech, video, and music with less than 1% of the funding used by OpenAI [1][12]. - The company has an average employee age of 29, with 73.8% of its workforce in research and development, indicating a youthful and innovative organizational structure [2][14]. Group 2: IPO Details - The IPO will involve the issuance of 25,389,220 shares, with a price range of HKD 151 to 165 per share, leading to a post-issue valuation between HKD 461.23 billion and 503.99 billion [1][13]. - MiniMax has secured 14 cornerstone investors, including major institutions like Alibaba, with a total subscription amounting to approximately HKD 27.23 billion [1][13]. Group 3: Technological Advancements - MiniMax has launched several significant AI models, including the Speech 01 and Speech 02 models, which have generated over 2.2 billion hours of speech, and video models that have produced over 5.9 billion videos [3][15]. - The company’s text model, MiniMax M2, ranked among the top five globally and first in open-source rankings, showcasing its competitive edge in the AI landscape [3][15]. Group 4: Financial Performance - MiniMax achieved revenue of USD 346,000 in its first year and saw a dramatic increase to USD 3.052 million in 2024, representing a year-on-year growth of 782.2% [6][17]. - By the first nine months of 2025, revenue reached USD 5.344 million, reflecting a year-on-year increase of 174.7%, indicating strong growth momentum [6][19]. Group 5: Capital Efficiency - The company has spent approximately USD 500 million since its inception, significantly lower than competitors like OpenAI, which has invested between USD 40 billion and 55 billion [7][18]. - MiniMax's efficient use of capital has allowed it to achieve high margins in its B2B business, with a gross margin of 69.4% [22]. Group 6: Market Position and Valuation - MiniMax's valuation is currently perceived as undervalued compared to its global peers, with analysts suggesting that its financial turnaround could lead to a significant revaluation in the market [20][21]. - The company aims to penetrate high-value language model markets and integrate its multi-modal capabilities, which could redefine product offerings and enhance its competitive position [11][23].