MiniMax revenue surges 283% as enterprise AI demand drives growth

MiniMax Group reported H1 2026 revenue of $116.6 million, up 283.1 percent from $30.4 million a year earlier, exceeding its full-year 2025 total.

"Intelligence can scale almost without limit; energy and compute cannot," Dr. Yan Junjie, co-founder and CEO of MiniMax, said. "By July 2026, token consumption on MiniMax had grown to 20 times its January level."

Open Platform and other AI-based enterprise services revenue climbed 703.1 percent to $73.9 million, representing 63.4 percent of total revenue, up from 30.3 percent in the prior-year period. AI-native product revenue, which includes the consumer-facing Hailuo AI, rose 100.9 percent to $42.6 million. Gross profit jumped 464.8 percent to $20.8 million, with margin expanding to 17.9 percent from 12.1 percent.

The Shanghai-based company posted a net loss of $358 million for the period, an 11 percent improvement from the $402 million loss in H1 2025. Loss per share was $1.18. No interim dividend was declared. Cash balance stood at $1.32 billion as of June 30, up from $1.05 billion at year-end 2025.

Research and development expenses rose 138.8 percent to $296.9 million, reflecting higher cloud services costs tied to model training. R&D spending growth trailed revenue growth of 283.1 percent, pointing to improved efficiency. Selling and distribution expenses fell 17.9 percent to $27 million as the company pursued an organic user growth strategy.

International markets contributed roughly 60.8 percent of total revenue, with MiniMax operating across more than 230 countries and regions. The company serves over 300 million individual users and more than 1 million enterprises and developers worldwide. Alibaba and Tencent are among its major backers.

MiniMax completed its Hong Kong Stock Exchange IPO in January 2026. During the reporting period, the company released its MiniMax M3 model for coding and agentic workflows, followed by the open-weights MiniMax H3 video generation model after the period ended. The company trails rivals such as Z.AI in releasing top-tier large language models, according to Bloomberg.

Shares traded around HK$303 following the announcement, showing modest gains. The revenue acceleration shows that enterprise AI adoption is translating into commercial results for Chinese AI companies. Investors will watch whether MiniMax can sustain this growth pace in the second half, with analysts projecting full-year sales to expand 360 percent.

This article is for informational purposes only and does not constitute investment advice.