MiniMax enters the final round of capital competition

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MiniMax, which has made a lightning assault on Hong Kong stocks, is now standing at the threshold of its IPO.

On December 31, MiniMax launched its public offering. According to the prospectus, MiniMax plans to issue 25,389,220 shares in this IPO, with a price range of HK$151 to HK$165 per share. Without considering the over-allotment option and exercise of the greenshoe, the market valuation upon issuance will be between HK$46.123 billion and HK$50.399 billion. The shares are expected to officially start trading on January 9.

Notably, MiniMax has attracted 14 cornerstone investors including Aspex, Eastspring, MiraeAsset, Alibaba, and E Fund, with total subscriptions of about HK$2.723 billion. The types of investors span several dimensions including international long-term, top technology, domestic long-term, and strategic industry. This represents a rare consensus among long-term capital.

It is worth noting that long-term funds usually have a high investment threshold and typically prefer companies that have already proven their business model or technical barriers. That long-term capital is willing to hold MiniMax over the long run reflects recognition of MiniMax’s self-sustaining commercial model.

Global asset management giants that focus on long-term investments such as Aspex, Eastspring, and MiraeAsset have appeared on the cornerstone investor list. They have always been highly cautious about participating as cornerstone investors in Hong Kong IPOs; their move this time may indicate acknowledgment of MiniMax’s rarity as an investment in the global top tier of AI.

Previously, MiniMax had already received investments and support from institutions such as miHoYo, Alibaba, Tencent, Xiaohongshu (RED), Hillhouse, IDG, Sequoia, Matrix Partners, Future Capital, and China Life. This “post-95s”-dominated AI company took only four years from its founding to reach the top AI echelon globally, making it currently the fastest-growing and most highly valued AI tech company.

Founded in early 2022, MiniMax is a naturally global AI company and one of the few large model firms that focused on multi-modal model R&D from inception. Based on its self-developed multi-modal model, MiniMax has launched a series of AI-native products globally, including Hailuo AI, Xingye, Talkie, and has also introduced an open platform for enterprises and developers.

The prospectus shows that since its founding, MiniMax has spent approximately $500 million in total, not even matching a major company’s annual marketing budget for a single AI app. Relying on this $500 million, MiniMax has completed a full multi-modal layout covering text, speech, and video, and is competing with Silicon Valley giants like OpenAI and Anthropic in multiple dimensions.

In addition, MiniMax has already shifted its battleground to markets with the highest willingness to pay. By September 2025, MiniMax is expected to have over 212 million individual users in over 200 countries and regions. In the first nine months of 2025, the company’s revenue grew over 170% year-on-year, with overseas market revenue accounting for more than 70%.

MiniMax COO Yun Yeyi told Wallstreetcn that from day one, when the company was founded in early 2022, it set a clear “multi-modal” roadmap. As a result, MiniMax was able to use less than 1% of OpenAI’s investment to position its multi-modal model in the world’s top tier.

According to a UNCTAD report, the global AI market is expected to soar from $189 billion in 2023 to $4.8 trillion in 2033, growing 25-fold within just ten years. Facing such enormous certainty, giants such as Alibaba and ByteDance are also aggressively pursuing the market, and players like Zhipu, SenseTime, and SiliconFlow are also growing rapidly. MiniMax’s IPO at this time is intended to leverage the capital market’s momentum to secure its industry position.

For MiniMax, listing is just a new starting point. Facing the continued evolution of giants like Google and OpenAI, and the unknown challenges of the AGI technology deep waters, it still has to work even harder.

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