01What it sells and who buys it
MiniMax develops multimodal models and applications including Hailuo video generation and the Talkie and Xingye character apps. It serves both consumers and developers through its Open Platform.
02How the business makes money
Consumer revenue comes from subscriptions, in-app credits and advertising in Talkie. Enterprise APIs charge for model usage.
03Marketing and customer acquisition
MiniMax combined consumer applications, organic distribution and developer APIs.
- 01
Connect models to consumer applications
SourceConversation and video products such as Talkie and Hailuo offered direct model experiences, while a developer platform brought the technology into external applications.
- 02
Shift toward organic acquisition
SourceIts listing documents describe social demonstrations, influencer work and workshops in major cities. Enterprise acquisition uses direct outreach, cloud partnerships and developer communities. In 2025, it reduced promotional spending and emphasized organic acquisition and monetization quality.
- 03
Financing the next stage
SourceAfter financing model and application development privately, MiniMax listed in Hong Kong on January 9, 2026. IPO proceeds and the market value of all shares are different measures.
How the growth mechanism works
- Discover generated output
- Try an app or API
- Convert repeated use to payment
- Grow enterprise model usage
In 2025, revenue rose 158.9% while selling and distribution expenses fell 40.3%; the company attributed the change to organic growth and referrals. Platform and enterprise services reached 63.4% of first-half 2026 revenue, showing a changing business mix.
04Funding and expansion
After financing model and application development privately, MiniMax listed in Hong Kong on January 9, 2026. IPO proceeds and the market value of all shares are different measures.
05What the transaction changed
Hong Kong IPO
$618 million raisedThe company raised approximately $618 million through its Hong Kong stock market listing.
More about the founding and key events
Yan Junjie started MiniMax in 2021 to develop models for tasks including voice and video. Supplying models to developers and businesses became central to the company. Its January 2026 IPO raised approximately $618 million. Yan was 37 in 2026.
Going public gives company shares an observable market price. Forbes estimated Yan’s wealth at $2.8 billion in September 2026. The IPO proceeds were capital raised by the company.