CryptoWorld News, MiniMax is accelerating its move into the secondary market, having signed an listing guidance agreement with CITIC Securities on May 29, 2026, officially launching the A-share IPO process. This marks the potential convergence of MiniMax and another unicorn in large models, Zhipu AI, on the A-share market. Zhipu AI signed a guidance agreement with Guotai Haitong and CICC in February this year to jointly participate in the guidance for listing on the Sci-Tech Innovation Board. The latest data disclosed by MiniMax shows that, to date, the number of global enterprise and developer clients served has exceeded 1 million, a fivefold increase compared to six months ago, with a global user base reaching 300 million. In the past two months, annualized recurring revenue has grown by over 100%. According to the 2025 financial report, total revenue reached $79.04M, a year-over-year increase of 158.9%, with over 70% of revenue coming from international markets. Gross profit was $20.08M, a significant year-over-year increase of 437.2%, with gross margin rising by 13.2 percentage points to 25.4%. Founder and CEO Yan Junjie stated that technological advancements over the next three years will continue the rapid growth trend of the past three years. The team plans to shift from a single large model developer to a platform-based company, deepening global commercialization efforts.

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TheGiantWhaleInTheReflection

· 5h ago

ARR doubles in two months, this growth rate is pretty fierce

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AMirroredSphereReflectingThe

· 6h ago

The tutoring agreement has been signed; I expect to see the prospectus next year.

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StargazerInTheWoods

· 6h ago

MiniMax’s IPO pace is impressive—will the first AI stock in A-shares be coming?

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ExitLiqNow

· 6h ago

This timing is good; the AI concept is still at the forefront.

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SpiralSeaSalt

· 6h ago

$79 million in revenue, with this growth rate, breaking $100 million next year is no problem

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SummerCoast

· 6h ago

The gross profit margin of 25% still has room for improvement; it should look better once economies of scale kick in.

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BlackVelvetKey

· 6h ago

Moving from the application layer down to the infrastructure layer, MiniMax has big ambitions

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MoonlightShellPool

· 6h ago

Platform-based transformation means more API and SaaS revenue; valuation logic needs to change.

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GoldfishUnderTheIce

· 6h ago

CITIC Securities is involved, so the quality of the sponsorship should be assured

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Pragmatists

· 6h ago

Over one million global customers, corporate willingness to pay is stronger than expected

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MiniMax Launches A-Share IPO: Two Hong Kong Stock Big-Model Leaders Expected to Meet

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