# MiniMax

Practical applications integrating multimodal AI technology.

MiniMax was founded in 2021/12.

Canonical: https://uniquebase.ai/companies/minimax
Stable identifier: UB-C171
Snapshot captured: 2026-10-15T14:23:27.067Z
English updated: 2026-10-15T20:25:35.756Z

## Funding

Listed 7 records.
Latest: ~HK$16B (Post-IPO), 2026-07-10.

- 2026-07-10 · ~HK$16B (≈ $2B) · Post-IPO · https://www.cls.cn/detail/2422383
  > On 2026/7/10, Cailian Press and Zhidx reported that AI large-model company MiniMax, also known as Xiyu Technology (0100.HK), had announced financing after listing on the Hong Kong main board in month 1 that year. It proposed placing 35.6 million new Class A shares at HKD 268 per share, raising approximately HKD 9.54 billion gross, while issuing HKD 6.5 billion principal of zero-coupon guaranteed convertible bonds due in 2027. The initial conversion price was HKD 335 per share, approximately 12.64% above the closing price. Combined net proceeds were approximately HKD 15.957 billion, approximately 13.8 billion yuan (CNY) or approximately USD 2 billion. Morgan Stanley underwrote the transaction, attracting leading international sovereign funds, long-term funds and major Chinese institutions. Approximately 80% of funds would support AI infrastructure and large-model R&D. This was MiniMax’s first large-scale financing after listing. (translated source brief)
- 2025-07-14 · nearly $300M · Series C · 上海国资母基金 · https://www.cls.cn/detail/2235733
  > In 2025/7, reports said MiniMax had raised nearly USD 300 million in Series C funding, with Shanghai state-owned capital fund of funds and others participating, at a post-money valuation exceeding USD 4 billion, approximately CNY 30 billion. (translated source brief)
- 2024-03-07 · $600M · Series B · Alibaba, Hongshan China · https://m.36kr.com/p/2678677346318082
  > MiniMax, Xiyu Technology, completed USD 600 million in Series B funding in 2024/3, led by Alibaba at a post-money valuation of approximately USD 2.5 billion. (translated source brief)
- 2023-06-01 · $250M · Strategic · 腾讯
- 2023-01-09 · Tens of millions of US dollars · Series A · Gaoling Venture Capital, 明势资本, 米哈游
- 2022-07-26 · Undisclosed · Strategic · Gaoling Venture Capital, IDG Capital, Yunqi Capital, 米哈游
- 2022-01-01 · Undisclosed · Angel · 明势资本

## Valuation

Listed 7 records.
Latest: over $4B (Series C), 2025-07-14.

- 2026-07-10 · amount unavailable · Post-IPO · https://www.cls.cn/detail/2422383
  > On 2026/7/10, Cailian Press and Zhidx reported that AI large-model company MiniMax, also known as Xiyu Technology (0100.HK), had announced financing after listing on the Hong Kong main board in month 1 that year. It proposed placing 35.6 million new Class A shares at HKD 268 per share, raising approximately HKD 9.54 billion gross, while issuing HKD 6.5 billion principal of zero-coupon guaranteed convertible bonds due in 2027. The initial conversion price was HKD 335 per share, approximately 12.64% above the closing price. Combined net proceeds were approximately HKD 15.957 billion, approximately 13.8 billion yuan (CNY) or approximately USD 2 billion. Morgan Stanley underwrote the transaction, attracting leading international sovereign funds, long-term funds and major Chinese institutions. Approximately 80% of funds would support AI infrastructure and large-model R&D. This was MiniMax’s first large-scale financing after listing. (translated source brief)
- 2025-07-14 · over $4B · Series C · 上海国资母基金 · https://www.cls.cn/detail/2235733
  > In 2025/7, reports said MiniMax had raised nearly USD 300 million in Series C funding, with Shanghai state-owned capital fund of funds and others participating, at a post-money valuation exceeding USD 4 billion, approximately CNY 30 billion. (translated source brief)
- 2024-03-07 · ~$2.5B · Series B · Alibaba, Hongshan China · https://m.36kr.com/p/2678677346318082
  > MiniMax, Xiyu Technology, completed USD 600 million in Series B funding in 2024/3, led by Alibaba at a post-money valuation of approximately USD 2.5 billion. (translated source brief)
- 2023-06-01 · amount unavailable · Strategic · 腾讯
- 2023-01-09 · amount unavailable · Series A · Gaoling Venture Capital, 明势资本, 米哈游
- 2022-07-26 · amount unavailable · Strategic · Gaoling Venture Capital, IDG Capital, Yunqi Capital, 米哈游
- 2022-01-01 · amount unavailable · Angel · 明势资本

## Revenue

Listed 2 records.
Latest: $800M (ARR), 2026-08-27.

- 2026-08-27 · $800M (ARR) · https://m.caixin.com/m/2026-08-27/102478340.html
  > In 2026/8, MiniMax exceeded USD 800 million in company-wide ARR and 2 million enterprise and developer customers, 10 times the level at the end of 2025. Total revenue in the first half of 2026 was USD 116.6 million, up 283.1% year over year, with 60.8% from outside mainland China. The AI-native product line that includes Hailuo AI generated USD 42.64 million in revenue, up 100.9% year over year. (translated source brief)
- 2026-06-30 · $117M · https://www.minimax.io/news/minimax-announces-first-half-2026-financial-results-1787744160
  > On 2026/8/26, MiniMax Group Inc. disclosed USD 116.573 million group revenue in the first half of 2026, up 283.1% year over year. Open platform and enterprise services revenue was approximately USD 73.9 million. (translated source brief)

## Team

- [Yan Junjie](/people/yan-junjie)

## Products

- [Glow](/products/glow)
- [Hailuo AI](/products/hailuo-ai)
- [Hailuo AI](/products/hailuo-ai-2)
- [Mavis](/products/mavis)
- [MiniMax Agent](/products/minimaxagent)
- [MiniMax AI](/products/minimax-ai)
- [MiniMax API](/products/minimax-api)
- [MiniMax Kaifangpingtai](/products/minimax-kaifangpingtai)
- [Talkie](/products/talkie)
- [Wanjuan](/products/wanjuan)
- [Xingye](/products/xingye)

## Investors

- [Alibaba](/institutions/alibaba)
- [Gaoling Venture Capital](/institutions/gaoling-venture-capital)
- [Hongshan China](/institutions/hongshan-china)
- [IDG Capital](/institutions/idg-capital)
- [Yunqi Capital](/institutions/yunqi-capital)
- [上海国资母基金](/institutions/shanghai-guozimu-fund)
- [明势资本](/institutions/mingshi-capital)
- [米哈游](/institutions/mihayou)
- [腾讯](/institutions/tengxun)

## Sources

- No source links are available for this profile.