The MiniMax surpassed US$ 800 million in annualized recurring revenue (ARR) in August, said founder and CEO Yan Junjie during the presentation of results for the half-year on Wednesday (26), according to Yicai. The advance occurs amid a change in the company's profile, with companies and developers gaining weight in the monetization of its artificial intelligence models.
ARR represents an annual projection based on the current pace of recurring revenue and, therefore, is not equivalent to revenue already recognized in accounting. In the 1st half, MiniMax recorded US$ 116.6 million in revenue, up 283.1% from the same period of 2025.
The acceleration is being driven mainly by the corporate market. Approximately 80% of current ARR comes from B2B business, while consumers account for the remaining 20%. A year earlier, the proportion was roughly inverse, with companies representing 30% and consumers, 70%.
Usage volume also advanced. In July, token consumption in MiniMax services reached 20 times the level recorded in January, according to the company itself. Yan said the increase reinforces the importance of reducing inference costs as models begin to handle larger workloads.
Companies now account for the majority of revenue
The balance sheet numbers show how this change already appears in the company's accounts. Revenue from the open platform and other enterprise AI-based services jumped 703.1%, from US$ 9.2 million to US$ 73.9 million in the 1st half.
As a result, this division now represents 63.4% of all revenue of MiniMax, versus 30.3% in the same period of 2025. The company attributed the growth to an increase in paying customers, a higher number of API calls, and adoption of its token plans.
AI products aimed directly at users also grew, but at a slower pace. Revenue from this area doubled to US$ 42.6 million, up 100.9%, driven by greater engagement and monetization of products such as Hailuo AI.
Combined, the operations led MiniMax to generate in just six months more than during all of 2025, when revenue had been US$ 79 million.
The company also maintains strong international exposure. Approximately 60.8% of the 1st-half revenue was generated outside mainland China, equivalent to US$ 70.8 million. Its products and services serve users, developers, and companies in more than 230 countries and regions.
During the period, MiniMax launched the M3 model, also aimed at programming and workflows with AI agents. After the end of the half, the company presented the H3 with open weights, expanding its offering of video generation and multimodal applications.
Revenue soars, but AI investments keep losses high
Revenue growth was accompanied by an improvement in gross profitability. Gross profit advanced 464.8%, to US$ 20.8 million, while the gross margin rose from 12.1% to 17.9%. MiniMax attributed the improvement mainly to increased efficiency of its infrastructure.
The company, however, continues to invest significant amounts in developing its models. Research and development expenses grew 138.8% and reached US$ 296.9 million in the half, mainly due to increased spending on cloud services used in training and in new iterations of the models.
MiniMax ended the period with a net loss of US$ 358 million, 11% lower than the US$ 402.2 million recorded a year earlier. In an adjusted metric, however, the loss increased from US$ 138.7 million to US$ 293 million.
The difference occurs because the 2025 accounting result was heavily affected by fair value losses related to financial liabilities. That expense fell from US$ 253.9 million to US$ 31 million after convertible preferred shares were converted into ordinary shares with the company's listing in Hong Kong.
MiniMax ended June with US$ 1.32 billion in cash and financial assets considered by the company in this metric, above the US$ 1.05 billion recorded at the end of 2025.
After the end of the half, the company further strengthened its financial position. In July, a share placement generated approximately HK$ 9.44 billion net, and a convertible bond issue maturing in 2027 raised another HK$ 6.43 billion net.
The numbers place commercial expansion and the cost of the race for more advanced models side by side: MiniMax enters the 2nd half with strong acceleration in usage of its services, a greater share of the corporate market, and improved gross margin, but still sustains research and development expenses significantly higher than the revenue recognized in the period.
