以下文章来源于东四十条资本 ，作者张雪 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 作者丨 张雪 来源丨 东四十条资本 相较于具身智能，大模型"上市第一股"的战火没那么显眼。 争夺"大模型第一股"。 说来有些落寞，两年前，大模型公司还在金字塔尖上，资本和舆论镜像竞相追捧。一年前，业内关注的焦点就从"谁能获得破 纪录融资"转到了"谁的联创在出走，谁的业务在收缩"上。而DeepSeek爆火后，大模型创业公司热度进一步下滑，如今就连 DeepSeek R2的发布进度也一再落后于市场预期。到如今二级市场IPO开闸，大模型谁先IPO好像也没那么重要了。 但实际上，大模型创业公司依旧在迅猛发展，"大模型第一股"的争夺可能潜藏着暗流，争夺远比想象中激烈。7月28日，一位 投资人在WAIC（世界人工智能大会）上表示，MiniMax有可能成为中国基础大模型公司上市第一股。 这并不是MiniMax近期唯一的重磅消息。 同样在WAIC期间，MiniMax创始人闫俊杰紧随图灵奖得主Geoffrey Hinton之后，成 ...

Group 1 - MiniMax, one of the "AI Six Tigers," is nearing completion of a new funding round of nearly $300 million, which will raise its valuation to over $4 billion (approximately 30 billion yuan) [1] - MiniMax was founded in December 2021 by Yan Junjie, a former vice president of SenseTime, and has previously raised $600 million in Series A funding led by Alibaba, with a post-money valuation of $2.5 billion [1][4] - The company is reportedly preparing for an IPO in Hong Kong, following a trend among other "AI Six Tigers" companies [1][4] Group 2 - In June, MiniMax launched a "Technology Release Week," announcing breakthroughs in foundational models, multimodal technology, and general intelligence agents [2] - The company introduced the MiniMax-M1, claimed to be the world's first open-source large-scale hybrid architecture inference model, capable of supporting the highest industry input of 1 million contexts and 80,000 tokens output [2] - The M1 model requires significantly less computational power compared to competitors, with only 30% of the computing power needed for 80,000 token deep inference compared to DeepSeek R1 [3] Group 3 - Other companies in the "AI Six Tigers" are also preparing for IPOs, with Zhizhu being the first to initiate the IPO process, aiming for a listing in A-shares by October 2025 [4][5] - Zhizhu has completed five rounds of financing, accumulating over 16 billion yuan in total funding, with a latest valuation of 40 billion yuan [4] - The industry is witnessing a trend of differentiation, with some companies like Lingyi Wanshu and Baichuan Intelligence shifting focus away from foundational models to more specialized applications [5]

Core Viewpoint - MiniMax, a large model company, is nearing completion of a new financing round of approximately $300 million, with a post-investment valuation exceeding $4 billion [3][4]. Group 1: Company Overview - MiniMax was founded by Yan Junjie at the end of 2021, who previously held senior positions at SenseTime [6]. - The company has focused on multi-modal capabilities from its inception, differentiating itself from many competitors that primarily focus on large language models [6]. - MiniMax has released various models in 2023, including large language models, speech generation models, video generation models, and image-text understanding models [6]. Group 2: Product and Market Performance - MiniMax's AI role-playing product, Glow, and its overseas version, Talkie, have seen significant user engagement, with a total daily active user count of approximately 3 million for Talkie and Glow [7]. - The video generation model Hailuo series has nearly 15 million users, ranking just behind Kuaishou [7]. - MiniMax's revenue is projected to exceed $70 million in 2024, with a strategic focus on accelerating technology iteration rather than immediate growth or revenue [8]. Group 3: Competitive Landscape - The competitive landscape includes other companies like Zhiyuan and the remaining "six small dragons" of large models, with Zhiyuan also initiating an IPO process [9]. - In comparison to Silicon Valley counterparts, domestic companies like MiniMax face significant valuation and funding disparities [10]. - Notable valuations in the U.S. market include OpenAI at $300 billion and Anthropic at $61.5 billion, highlighting the competitive funding environment [10].