MiniMax revenue surges 283% as enterprise business jumps 703%

MiniMax reported first-half revenue of US$116.6 million, up 283 percent, powered by a 703 percent jump in its enterprise business.

The top line still trails the US$363.77 million analysts forecast for the full year, with the six-month haul reaching about 32 percent of that target, according to estimates compiled by Bloomberg.

Revenue from the Open Platform and other AI enterprise services climbed 703 percent year over year to US$73.9 million from US$9.2 million, the company said. That segment accounted for 63.4 percent of total revenue, up from 30.3 percent a year earlier, as paying users and enterprise customers grew. Revenue from other AI-native products doubled. Total loss narrowed 11 percent to US$358 million, while adjusted net loss widened 111.2 percent to US$293 million from about US$139 million. Gross profit rose more than five-fold to US$20.8 million from US$3.7 million, lifting gross margin to 17.9 percent from 12.1 percent.

Shares of the Hong Kong-listed company closed up 1.13 percent at HK$303 on Wednesday ahead of the announcement. The results show how Chinese AI startups are accelerating commercialization in enterprise segments, even as competition with US and Chinese labs keeps losses elevated. MiniMax, known for its M-series large language models and consumer apps, competes with Alibaba's Qwen and Baidu's Ernie in China and OpenAI and Anthropic abroad.

The first-half haul already reached 1.5 times MiniMax's full-year 2025 revenue of US$79 million, showing the enterprise pivot is driving faster monetization. The shift toward business customers, which now supply nearly two-thirds of revenue, marks a strategic turn for a company that built its name on consumer-facing AI products. MiniMax's enterprise push mirrors a broader industry trend, as Chinese AI developers from SenseTime to Baidu lean on business clients to offset the high cost of training large models.

Investors will watch whether MiniMax can close the gap to its full-year forecast in the second half, when enterprise contracts typically ramp. The company faces a crowded field of well-funded rivals, and its widening adjusted loss shows the cost of staying competitive in a market where model development and compute spending remain heavy. A sustained enterprise ramp would help justify the stock's valuation after a strong run since its listing.

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