1. [para. 1] MiniMax’s revenue for the first half of 2025 surged as demand for its AI services increased sharply, nearly quadrupling from the same period a year earlier. Despite this strong growth, the Chinese model developer remained deeply loss-making because it stepped up spending on research and computing capacity to compete in the fiercely competitive AI market.
2. [para. 2] For the six months ended June, the Hong Kong-listed company reported revenue of $116.6 million, up 283% from the previous year and already above its full-year 2025 revenue of $79 million. Shareholders’ attributable loss narrowed by 11% to roughly $358 million. The accompanying chart shows these figures in millions of dollars: revenue at 116.6, loss at -358, and a 283.1% growth annotation.
3. [para. 3] On an adjusted basis, however, MiniMax’s net loss more than doubled to $293 million. The company continued to invest heavily in model development and infrastructure, with research-and-development expenses climbing 139% to $297 million. This indicates that management is prioritizing scale and technology leadership over short-term profitability, even as losses remain substantial.
4. [para. 4] Growth increasingly came from enterprise customers rather than consumer-facing AI products. Revenue from MiniMax’s open platform and other AI-based enterprise services jumped more than eightfold to $73.9 million, accounting for 63.4% of total revenue, up from 30.3% a year earlier. The remaining 36.6% of first-half revenue came from consumer-facing products and other sources.
5. [para. 5] Founder and Chief Executive Yan Junjie said annual recurring revenue surpassed $800 million in August, with business customers generating about 80% of the total. That milestone underscores the company’s successful transition from consumer applications toward enterprise and developer-facing services, and aligns with the broader trend seen in its revenue mix.
6. [para. 6] MiniMax said it now has about two million enterprise developers, roughly 10 times the number at the end of last year. This reflects rapid adoption of its platform by businesses and developers building AI applications, and helps explain the sharp increase in open-platform revenue.
7. [para. 7] International markets remain important to MiniMax’s growth strategy. Overseas revenue accounted for 60.8% of first-half sales, and the company said its products and services reach more than 230 countries and regions worldwide, spanning both enterprise and consumer offerings.
8. [para. 8] To fund continued expansion, MiniMax raised about HK$16 billion ($2 billion) in a share placement in July. Vice President Xue Zizhao said the company’s cash reserves now exceed $3 billion, giving it more room to finance model research, infrastructure buildup and hiring. The capital raise came after the strong first-half performance and positions the company for further investment.
9. [para. 9] MiniMax is also preparing larger models. Yan said the planned MiniMax-M3-Pro would have roughly three trillion parameters, following the release of the company’s M3 large-language model in June. Upgrades to the M3 and H3 model families are also in development, signaling that the company will continue pushing the limits of model scale and maintain heavy investment in AI research.
AI generated, for reference only
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