Chinese AI start-up MiniMax raises $116.6 million amid intense competition

Chinese AI start-up MiniMax has pulled in US$116.6 million in the first half of the year, though the 283 per cent revenue jump leaves it trailing the pace needed to meet full-year analyst projections as it battles entrenched rivals in the United States and China.

The Shanghai-based firm reported revenue for the six months ended June 30 that represents roughly 32 per cent of the US$363.77 million analysts expect for the full year 2026, according to Bloomberg-compiled estimates. That compares with US$79 million in total revenue for the whole of 2025.

Enterprise pivot drives top-line growth

MiniMax's Open Platform and other AI-based enterprise services accounted for the bulk of the gains, with revenue in that division surging more than 703 per cent year on year to US$73.9 million from US$9.2 million. The enterprise segment now makes up 63.4 per cent of total revenue, up sharply from 30.3 per cent a year earlier, driven by growth in paying users and corporate customers.

Revenue from other AI-native products also doubled during the period.

Gross profit climbed more than five-fold to US$20.8 million from US$3.7 million, while gross profit margin expanded to 17.9 per cent from 12.1 per cent in the same period a year earlier.

Losses widen on adjusted basis

Total loss for the half narrowed 11 per cent to US$358 million. But adjusted net loss, a measure that strips out one-off items, widened 111.2 per cent to US$293 million from roughly US$139 million a year earlier.

Shares of the Hong Kong-listed company closed up 1.13 per cent at HK$303 on Wednesday ahead of the earnings announcement. The results underscore the fierce competition MiniMax faces from US and Chinese AI labs as it scales its business.

Source: South China Morning Post