According to Sina Finance, the Chinese large model startup MiniMax is accelerating its capitalization process. Multiple sources indicate that MiniMax has secretly submitted an IPO application to the Hong Kong Stock Exchange, targeting a valuation of over $4 billion, and is also considering an A-share listing path. This potential listing may become another key move for domestic AI unicorns in the international capital market.
According to public information, MiniMax recently completed a new round of financing of nearly $300 million, with a post-money valuation exceeding $4 billion. This round of financing was led by the Shanghai State-owned Capital Fund, further highlighting the strategic support of local government capital for AI infrastructure companies. Previously, MiniMax's investor lineup had already been impressive, including top institutions and industry capital such as Alibaba, Tencent Investment, Hillhouse Capital, Yunque Capital, Mihoyo, Mingshi Venture Capital, and IDG Capital.
MiniMax was founded in December 2021 by former SenseTime executives, including Yan Junjie, and focuses on building a general artificial intelligence engine system. Its core business covers large model training, AI infrastructure construction, content generation, and multimodal reasoning, aiming to create a long-term scalable general artificial intelligence platform.
Recently, MiniMax launched several key products, including the next-generation inference model MiniMax-M1 and the video generation model Hailuo02, which have shown outstanding performance and cost efficiency, attracting attention from the developer community and enterprise users. These technological achievements have also provided the foundation for its valuation.
Although the listing timetable is not yet clear, MiniMax has already held in-depth discussions with multiple intermediaries, and the overall listing process is steadily progressing. If successful in going public, it will become another important case of an AI technology company completing a large-scale financing cycle, following companies such as SenseTime and Fourth Paradigm.