Chinese AI firm MiniMax prepares for domestic listing

Chinese AI firm MiniMax prepares for domestic listing

Shanghai-based artificial intelligence (AI) start-up MiniMax Group Inc. has begun preparations for a domestic listing, according to a regulatory filing.

The move comes after its successful Hong Kong listing in January.

The company is part of a group of Chinese AI firms, including DeepSeek, racing to develop and commercialize large language models.

Despite heavy investments in model development and infrastructure, MiniMax remains unprofitable as it expands globally.

Rapid growth and increasing revenue

Founded in 2021, MiniMax has seen rapid growth, building a global user base.

The company now has over one million users of its AI-based enterprise services, a fivefold increase in six months.

Its annual recurring revenue has more than doubled over the past two months to at least $300 million, thanks to an influx of users tapping into its M2.7 model launched in mid-March.

China's competitive AI landscape and funding challenges

MiniMax develops large "foundation models" that can generate text, images, audio, and video for consumer applications and corporate services.

The company plans to continue investing in development, commercialization, and cloud infrastructure.

China's AI sector is capital-intensive and highly competitive, with firms turning to public markets for funding despite ongoing losses.

Recently, DeepSeek announced a permanent discount on its flagship V4-Pro model to attract developers amid fierce competition in the market.