MiniMax (MiniMax Group) is a Shanghai-based Chinese AI company founded in 2021 that develops multimodal AI models and consumer applications, including the M-series language models, the Hailuo AI video-generation service, and the AI character apps Talkie and Xingye (Source: en.wikipedia.org). One of the companies described in Chinese media as the "AI tigers," it listed on the Hong Kong Stock Exchange in January 2026 — the second of the group to go public — and its shares more than doubled on their first trading day (Source: reuters.com).
Snapshot
Valuation
| Date | Valuation | Context | Source |
|---|---|---|---|
| 2026-07-09 | Up to $2B sought via share sale and zero-coupon convertible bonds | Post-IPO capital raise | (Source: bloomberg.com) |
| 2026-01-09 | ~$13.7B (market cap at close of HKEX debut; shares HK$345 vs HK$165 offer) | First trading day; shares more than doubled | (Source: reuters.com) |
| 2026-01-05 | ~$6.5B (implied at top of IPO range); ~$538M raised | Books oversubscribed multiple times; CICC among arrangers | (Source: reuters.com) |
Revenue
| Date | Figure | Context | Source |
|---|---|---|---|
| 2026-03 (FY2025 results) | $79M revenue (more than doubled year-on-year); net loss widened to $1.87B | First results as a public company | (Source: wsj.com) |
Models and products
MiniMax develops general-purpose language models under the M-series line alongside speech and video-generation models. Its Hailuo AI video-generation service is among the most widely used Chinese video models (Source: en.wikipedia.org). Its consumer portfolio includes the AI companion/character apps Talkie (international) and Xingye (domestic China) (Source: en.wikipedia.org).
In July 2026, The Information reported that MiniMax plans to launch a 2.7-trillion-parameter model; the report circulated widely on July 20, 2026, the week Moonshot's Kimi K3 and Alibaba's Qwen3.8-Max preview escalated the parameter scale of Chinese flagship releases (Source: theinformation.com). The plan remains single-source reporting.
MiniMax released its H3 video-generation model on July 31, 2026, generating clips of up to 15 seconds at 2K resolution with native stereo sound from text, image, video and audio inputs. The company said it planned to release H3's weights within days, that 2K generation costs less than one-third of what it described as mainstream rivals charge, and that the model works with several Chinese-made chips (Source: reuters.com).
H3 takes text, images, video and audio as a single context and returns 4-to-15-second clips, and is available through the platform API as MiniMax-H3 and in the Hailuo AI app. MiniMax states that its H3-VAE tokenizer delivers a fourfold gain in effective sequence length, which it credits for making native 2K generation viable. The company framed the weights release as coming "in the coming days, subject to applicable laws and regulations"; they had not been released at launch, and MiniMax has not published a parameter count. Artificial Analysis placed H3 first in video editing, second in text-to-video and third in image-to-video. Third-party trackers report a price of $0.13 per second, a figure MiniMax's own pay-as-you-go page did not list at the time (Source: marktechpost.com).
On July 9, 2026, MiniMax moved to raise as much as $2 billion through a share sale and zero-coupon convertible bonds (Source: bloomberg.com).
Public listing
MiniMax priced its Hong Kong IPO at the top of its marketing range in early January 2026, raising roughly $538 million at an implied valuation of about $6.5 billion, with books oversubscribed multiple times (Source: reuters.com). On its January 9, 2026 debut the stock more than doubled, closing around HK$345 against an offer price of HK$165 (Source: reuters.com). In its first post-IPO results, reported in March 2026, 2025 revenue more than doubled to $79 million while net loss widened to $1.87 billion (Source: wsj.com). MiniMax shares fell 15.6% in the days after Moonshot's July 16, 2026 Kimi K3 release, alongside a 28.4% fall for Zhipu (Z.ai) (Source: bloomberg.com).
Policy engagement
MiniMax is among the subsequent endorsers of the Seoul Frontier AI Safety Commitments, added to the signatory list after the original May 2024 adoption alongside Magic, 01.ai, and NVIDIA (Source: gov.uk), making it one of the Chinese labs with formal frontier-safety commitments alongside Zhipu AI and 01.ai.
Relationships
- instance-of: AI Companions — Talkie/Xingye character apps
- related: Zhipu AI, DeepSeek, Seoul Frontier AI Safety Commitments (2024), US-China AI Competition: Different Races, Different Metrics