China's general artificial intelligence sector has reached a major milestone. According to AIbase, the general AI startup
At a time when the capital market generally holds a cautious attitude toward investments in large models, MiniMax has demonstrated remarkable financial efficiency. As of September 30, 2025, the company had cash reserves of $1.046 billion. Notably, since its establishment, MiniMax has invested approximately $500 million in R&D, which is less than 1% of OpenAI's spending during the same period. With such high cost-effectiveness, the company has successfully established a globally competitive multi-modal technology system and stands out in the highly competitive AGI field.
According to AIbase, the rise of MiniMax is backed by an elite investment group. Its shareholder list includes internet giants such as miHoYo, Alibaba, Tencent, and Xiaohongshu, as well as top-tier investment firms like Hillhouse Capital and Sequoia China. Currently, the company has built a mature product portfolio, including AI-native applications such as HaiLuo AI, Talkie, and Star Field, deeply covering both consumer and enterprise developer markets. As the process of listing on the Hong Kong stock exchange progresses, MiniMax is accelerating its transformation from a tech newcomer into a globally influential public leader.
