MiniMax杀入资本决赛圈

Core Insights - MiniMax is set to launch its IPO on December 31, with a share price range of HKD 151 to 165, aiming for a valuation between HKD 461.23 billion and 503.99 billion [2] - The company has attracted 14 cornerstone investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, with total subscriptions amounting to approximately HKD 27.23 billion, indicating strong long-term investor confidence [2] - MiniMax has received backing from major institutions like miHoYo, Alibaba, Tencent, and Sequoia, positioning itself as one of the fastest-growing AI companies globally [3] Company Overview - Founded in early 2022, MiniMax focuses on developing full-modal models and has launched several AI-native products, including Hai Luo AI and Talkie [3] - The company has spent around USD 500 million since its inception, significantly less than larger firms' annual budgets for single AI applications, yet has achieved a comprehensive full-modal layout [3] - MiniMax has over 200 million individual users across more than 200 countries and regions, with a revenue growth of over 170% year-on-year for the first nine months of 2025, and over 70% of its revenue coming from international markets [3] Market Context - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, indicating a 25-fold increase in just ten years [4] - MiniMax aims to leverage the capital market to solidify its position in the industry amidst competition from giants like Google and OpenAI [4] - The company views its IPO as a new starting point, emphasizing the need for continued effort in the face of evolving challenges in AGI technology [4]