MiniMax
Chinese lab that makes chat, voice and video models, with most app revenue from overseas subscriptions.
- Revenue
- About $30.5M in 2024 (filings, reported). About $53.4M in the nine months to September 2025 (reported)
- Growth
- Revenue up from $3.5M in 2023 to $30.5M in 2024 (reported)
- Based in
- Shanghai, China
- Listed
- Public
Its Hong Kong IPO in January 2026 raised about US$619M and the stock doubled on debut (reported).
It is still unprofitable, with accumulated losses reported at $1.3B.
Money coming in
Who pays MiniMax, and for what.
No customers of MiniMax mapped yet.
Money going out
Who MiniMax pays to do what it does.
No suppliers of MiniMax mapped yet.
Where it sits on the map
Competitors and neighbours
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5% of AI chip supply (Epoch AI)
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About $14B valuation (Sep 2025)
Open profileLab founded by former OpenAI leaders, which sells Tinker for managed fine-tuning of open models.
Annualised run rate above $100M, self-reported and unaudited
Open profileLab that aims to build frontier open-weight models in the US, backed by Nvidia.
$8B after a $2B round led by Nvidia in October 2025. Talks at $25B reported in 2026
Open profileSources: malaymail.com, news.bensbites.com
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