MiniMax IPO Filing Deep Dive: Financials and Future of the AI Giant

As a leading Chinese AI company going public in Hong Kong, MiniMax’s prospectus reveals revenue of $53.43 million for the first 9 months of 2025, up 174% year-over-year. The ToC business gross margin turned positive to 4.7%, while the ToB business gross margin reached an impressive 69.4%. R&D expenses are more than triple the revenue, primarily used for model training. The company maintains healthy cash flow with $1 billion in cash reserves, sufficient to support operations for 3.58 years. With 212 million cumulative users, 27.6 million MAU, and significant growth in paying users, MiniMax focuses its business model on ToC emotional companionship, AI agents, and video generation. Compared to Zhipu AI, MiniMax demonstrates a healthier business logic. Despite facing a Disney copyright infringement lawsuit, the company’s development prospects remain optimistic, making it worthy of attention from tech readers.