MiniMax reported a 159% year-on-year revenue increase to $79 million in 2025, driven by consumer AI subscriptions and enterprise services. More than 70% of sales came from markets outside China, reflecting the startup’s ambitions to become a global AI platform provider.
Revenue from AI-centric products, particularly consumer subscriptions, grew 143.4%, while enterprise and open-platform offerings achieved similar growth. The announcement follows MiniMax’s HK$4.8 billion ($614 million) Hong Kong IPO in January. CEO Yan Junjie said the company plans to release its M3 multimodal model in the first half of 2026 and maintain an open-source approach to attract developers globally.
Despite strong growth, MiniMax remains smaller than U.S. rivals, with OpenAI generating over $20 billion in 2025. The company posted a net loss of $1.87 billion, largely due to changes in financial instrument valuations. Yan emphasized that AI is not a zero-sum market and highlighted opportunities in coding, office productivity, and video generation.
MiniMax’s trajectory mirrors the rise of other Chinese AI firms such as DeepSeek, which focus on text-based reasoning models and developer tools, collectively positioning themselves as lower-cost alternatives to U.S. proprietary AI systems.
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