“全球第十大大模型”赴港IPO，MiniMax给创投圈带来什么信号？

Core Viewpoint - MiniMax, a company established in early 2022, is on track to become the fastest IPO in the AI sector, aiming for a listing on the Hong Kong Stock Exchange by early 2026, potentially achieving this milestone in under four years since its inception [1] Financial Performance - MiniMax generated revenue for the first time in 2023, with earnings of $3.5 million, which surged to $30.5 million in 2024, marking a year-on-year increase of 782%. By the first nine months of 2025, revenue reached $53.4 million, reflecting a growth of over 170% year-on-year [3] - The revenue growth is primarily driven by AI-native products, which contributed 71.4% of total revenue in 2024 and maintained a similar proportion of 71.1% in the first nine months of 2025 [4] - The company’s revenue from AI-native products grew nearly 50 times in two years, significantly influencing overall revenue trends [4] User Growth - As of September 2025, MiniMax's AI-native products have reached over 212 million individual users, with average monthly active users (MAU) increasing from 3.1 million in 2023 to 27.6 million, nearly a ninefold increase [8] - The company has established a "dual-engine" structure with Talkie/Xingye and Hailuo AI as its core products, contributing over $30 million in revenue collectively [9] Business Structure - MiniMax's revenue is predominantly from the consumer side (C-end), with AI-native product revenue consistently around 70% in 2024 and the first nine months of 2025. The B-end business, primarily through API services, contributes less than 30% but has a gross margin of 69.4% [10] - The company’s revenue is heavily skewed towards international markets, with Singapore, the US, and other overseas regions accounting for approximately 73% of total revenue in the first nine months of 2025 [11] Cost Efficiency and Investment - MiniMax has emphasized cost efficiency as a competitive advantage, with total R&D expenditures since its inception amounting to approximately $500 million, which is relatively modest compared to competitors like OpenAI [18][19] - The company reported a cash balance of $1.102 billion as of September 30, 2025, with an expected monthly cash burn of $280 million, indicating a runway of about five months [21][22] Legal Risks - MiniMax faces a copyright lawsuit in the US, with potential damages estimated at $75 million. However, the company believes the claims lack merit and does not expect significant adverse effects on its business or financial condition [34][35][38] Market Position and Future Outlook - MiniMax positions itself as the tenth largest model technology company globally, with a market share of approximately 0.3%. The company recognizes the need for continuous innovation and differentiation to compete against larger tech firms [39][40] - The founders believe that the AI model industry has not yet entered a phase of stock competition, suggesting that there is still room for specialized companies to thrive [41]