MiniMax files for China listing to fund AI model scaling
Business
MiniMax, a fast-growing AI startup from Shanghai, just filed to go public in China after its Hong Kong IPO earlier this year.
The company is raising more funds to keep building and scaling its AI models, staying competitive with rivals like DeepSeek as China's AI scene heats up.
MiniMax hits 1 million enterprise users
Launched in 2021, MiniMax has shot up to over 1 million enterprise users, a fivefold jump in just six months, and doubled its annual recurring revenue to $300 million after launching its M2.7 model.
Still, all that rapid growth comes at a cost: the company isn't profitable yet because it's pouring money into infrastructure and expanding globally.