Shanghai-based AI startup MiniMax Group Inc. has started preparations for a yuan-denominated IPO in mainland China after completing its Hong Kong IPO in January 2026 [1, 2, 3, 4]. On May 29, 2026, the company signed an agreement with Citic Securities to manage the upcoming domestic share sale [3].
Founded in 2021, MiniMax develops large foundational AI models that generate text, images, audio, and video. Its products serve both consumer and enterprise markets worldwide [2, 4]. Despite heavy investment on research, infrastructure, and global expansion, MiniMax remains unprofitable [2, 4].
The firm faces strong competition in China’s capital-intensive AI sector from rivals such as DeepSeek, which also focus on large language model development and commercialization [1, 2, 4].
MiniMax reported annual recurring revenue of at least US$300 million by May 2026, more than doubling over two months and surpassing prior projections. Its enterprise AI user base also rose sharply, growing more than fivefold over six months to over one million users. MiniMax president Yun Yeyi said, "MiniMax now has more than one million users of its AI-based enterprise services, up fivefold from six months ago," and added, "Our annual recurring revenue has more than doubled over the past two months to at least US$300 million, exceeding our own projection thanks to an influx of users tapping into our M2.7 model released in mid-March" [2].
Since its Hong Kong IPO earlier this year, MiniMax’s stock price has climbed 400%, pushing its market valuation to roughly HK$264 billion (US$33.7 billion) as of May 29, 2026 [3].
MiniMax’s M2.7 AI model release in mid-March 2026 contributed significantly to user growth and revenue [2, 4]. The company’s exploration of public markets aligns with the wider pattern of Chinese AI firms seeking funding to support rapid growth despite ongoing losses [2].
MiniMax’s next step is the upcoming domestic IPO in China, with Citic Securities guiding preparations following their May 29 agreement [3].
