Core Insights - MiniMax (Shanghai Xiyu Technology) is poised to become the world's first publicly listed AI company focused on large models, having passed the Hong Kong stock exchange hearing [2][3] - The company was founded in December 2021 and has rapidly grown, with over 200 million individual users and 130,000 enterprise clients across more than 200 countries and regions as of September 2025 [2][9] - Despite not yet being profitable, the company has shown significant revenue growth, with projected revenues of $31 million in 2024, a 7.82-fold increase year-on-year, and $53 million in the first three quarters of 2025, a 1.75-fold increase [2][10] Company Overview - Founded by Yan Junjie, a former vice president of SenseTime, MiniMax has completed seven rounds of financing, raising approximately $1.55 billion, with major investors including Alibaba, Tencent, and Sequoia Capital [3][6] - The company has a current valuation of approximately 30 billion yuan ($4 billion) following its latest funding round [6] - As of September 2025, the company has a cash reserve of about $1.046 billion, indicating efficient capital utilization primarily for research and development [6] Product and Market Position - MiniMax has developed a range of multimodal AI models and applications, including the ABAB series and various AI products, achieving a global presence [7][9] - The company is recognized as one of the few in the world to excel in all modalities (text, voice, video), with its models ranking among the top globally in authoritative evaluations [9] - The company’s products have a significant international market presence, with over 70% of revenue coming from overseas [9] Financial Performance - Revenue figures from 2022 to 2025 show a rapid increase, with losses reported as $73.7 million in 2022, $269 million in 2023, and $465 million in 2024, indicating a trend of increasing operational scale [10] - The company has invested heavily in R&D, with expenditures rising from $10.6 million in 2022 to $180 million in 2025, focusing on cloud service costs related to model training [6][10] - The workforce consists of 385 employees, with 73.77% engaged in R&D, reflecting a strong emphasis on innovation [10]

通用人工智能科技公司MiniMax通过港交所聆讯。 MiniMax（上海稀宇科技）是2021年12月成立的中国大模型初创公司，总部位于上海，专 注于研发文本、语音、视觉多模态融合的通用人工智能技术，推出ABAB系列大模型及Glow、海螺AI等应用产品。 ...

Core Insights - MiniMax, a large model company, is nearing completion of a new funding round of approximately $300 million, with a post-money valuation exceeding $4 billion (around 300 billion yuan) [2] - The funding round includes contributions from listed companies, cross funds, and large state-owned platforms, specifically Shanghai State-owned Assets [2] - MiniMax is preparing for a potential IPO in Hong Kong, as reported by Bloomberg in June [2] Company Overview - MiniMax (Shanghai Xiyu Technology) was founded in December 2021 and is headquartered in Shanghai, focusing on the development of general artificial intelligence technology that integrates text, voice, and visual modalities [2] - The company has launched several products, including the ABAB series large models and applications like Glow and Hailuo AI [2] - The founder, Yan Junjie, previously served as Vice President at SenseTime and CTO of the Smart City Business Group [2] Funding History - In June 2023, MiniMax completed a $250 million funding round, achieving unicorn status [3] - The company had previously raised $600 million in a B round from Alibaba and over $250 million in an A round from Tencent Capital [2][3] - Early investors also include Yunqi Capital, Hillhouse Venture Capital, IDG, Mingshi Capital, and Mihayou, with no state-owned background investors in earlier rounds [2] Product Development - In December 2023, MiniMax released the first MoE architecture large model in China [3] - The company plans to launch the ABAB 6.5 series model in 2024 [3] - In January 2023, MiniMax open-sourced the MiniMax-01 series, which includes the MiniMax-Text-01 language model and the MiniMax-VL-01 visual multimodal model [3]