Average Age 'Post-95s', Over a Billion USD in the Books: MiniMax Knocks on Hong Kong Stock Exchange's Door
MiniMax, a leading Chinese AI startup founded in December 2021 by former SenseTime executives, has filed for an IPO in Hong Kong, potentially becoming one of the fastest AI companies to go public. Specializing in full-spectrum AGI technologies—spanning text, voice, video, and music—MiniMax operates on a dual-strategy of "large model + AI-native applications."
As of September 2025, it serves over 212 million individual users across more than 200 countries and regions, along with 100,000+ enterprise clients. Notably, over 70% of its revenue comes from overseas markets. Its AI-native products, including Haiduo AI, Xingye/Talkie, and MiniMax Voice, saw average monthly active users grow sharply to 27.6 million in the first nine months of 2025.
Financially, MiniMax reported revenue of $53.4 million for the first three quarters of 2025, a 174.7% year-on-year increase. Despite an adjusted net loss of $186 million during the same period, the company demonstrated improved operational efficiency, with R&D expenses growing only 30% while sales and marketing costs fell 26%.
Technologically, MiniMax has released several cutting-edge models: the voice model Speech 02, video generator Video 01 (and its upgrade Hailuo 02), and the open-source MiniMax-M2 text model—ranked among the top five globally. Its M2 model incorporates "Interleaved Thinking" for enhanced reasoning and agentic capabilities.
The company is highly R&D-focused, with nearly 80% of its 385 employees in technical roles. The executive team is notably young, with an average age of 32. MiniMax plans to allocate 70% of IPO proceeds to R&D over the next five years to further advance its models and AI-native products.
深潮12/22 02:45
