智谱、MiniMax上市“背靠背”，全球大模型公司们已走上不同牌桌

Core Viewpoint - The competition for the title of "the world's first large model stock" has intensified with the upcoming listings of Chinese AI unicorns Zhipu AI and MiniMax, marking a significant moment in the global AI capital landscape [2][3]. Group 1: Company Listings and Market Impact - Zhipu AI is set to list on January 8, 2026, with an expected market value of HKD 51.1 billion at an issue price of HKD 116.20 per share, while MiniMax will follow on January 9, 2026, with a pricing range of HKD 151 to HKD 165 per share, valuing it between HKD 46.12 billion and HKD 50.40 billion [2]. - This will be the first time that companies focused purely on AGI foundational models will be publicly listed, highlighting a new phase in the AI industry [3]. Group 2: Capital and Investment Dynamics - The competition reflects a broader AI capital wave, with significant IPO plans from OpenAI, potentially valued at up to USD 1 trillion, and its competitor Anthropic aiming for a valuation between USD 300 billion and USD 350 billion [4]. - The backing of different investment institutions for Zhipu AI and MiniMax illustrates the diverse characteristics of Chinese tech investment, aligning closely with the founders' backgrounds [7]. Group 3: Founders and Company Ethos - Zhipu AI has a strong academic and national team background, originating from Tsinghua University, emphasizing independent innovation and long-term breakthroughs [9][10]. - MiniMax, founded by Yan Junjie, has a more internet-oriented and global approach, focusing on productization and market accessibility, which has attracted significant investment from major tech players like Alibaba and Tencent [14][16]. Group 4: Financial Performance and Business Models - Zhipu AI's revenue model is primarily based on localized deployment for government and enterprise clients, with over 80% of its revenue coming from this segment, achieving a gross margin of nearly 70% [24]. - MiniMax's revenue structure is heavily driven by AI-native applications, with 71.1% of its revenue coming from such products, indicating a strong focus on consumer engagement and global market penetration [27]. Group 5: Challenges and Strategic Paths - Both companies face significant financial losses, with Zhipu AI's net loss projected to reach CNY 24.66 billion in 2024, while MiniMax's net loss for 2025 is estimated at CNY 35.78 billion [31][32]. - The differing paths of Zhipu AI and MiniMax highlight the strategic choices in the AI landscape, with Zhipu focusing on foundational technology and MiniMax on consumer applications, each navigating unique market challenges [41][42].