MiniMax plans China IPO as it eyes local rivals like DeepSeek

CHINA’S MiniMax Group has begun preparations for a domestic initial public offering (IPO), according to a regulatory filing, as the fast‑growing artificial intelligence (AI) startup challenges local rivals including DeepSeek.

The filing comes after the Shanghai-based company listed in Hong Kong in January, joining a wave of Chinese AI firms turning to public markets to fund costly model development and expansion.

MiniMax is part of a group of Chinese AI firms, including developers such as DeepSeek, racing to build and commercialise large language models. The company has said it plans to keep investing in development, commercialisation and cloud infrastructure, underscoring the capital‑intensive nature of the sector. It has also warned of risks including sustained losses and intensifying competition in the global AI race.

MiniMax develops large “foundation models” capable of generating text, images, audio and video, powering consumer applications and corporate services worldwide, according to the filing. It has expanded rapidly since its founding in 2021, building a global user base and generating a significant share of its revenue overseas, though it remains unprofitable due to spending on research and computing infrastructure.

The company now has more than one million users of its AI-based enterprise services, up fivefold from six months ago, President Yun Yeyi said in an interview with Bloomberg Television this week.

MiniMax’s annual recurring revenue – a gauge of forward-looking sales – more than doubled over the past two months to at least US$300 million, exceeding its own projection thanks to an influx of users tapping into its M2.7 model released in mid-March, according to Yun. BLOOMBERG