Shanghai-based AI startup MiniMax is preparing a Hong Kong IPO as early as January 2026, aiming to raise around $700 million after rapid global growth that highlights both the scale of demand for generative AI and the heavy costs of competing in the sector.
Shanghai-based AI startup MiniMax is preparing to list in Hong Kong as early as January 2026, in what could become one of the fastest IPO journeys in the global AI sector.
According to Chinese media reports, the company has passed its listing hearing with the Hong Kong Stock Exchange and published its post-hearing information pack, clearing the final regulatory hurdle ahead of a planned flotation that is expected to raise around $700 million.
Founded in late 2021 by Yan Junjie, MiniMax would reach public markets just over four years after its creation.
MiniMax positions itself as a “born-global” generative AI company, with products spanning text, video and audio.
Its portfolio includes the Hailuo AI video generator, Talkie AI, the Xingye chatbot, and a developer platform aimed at enterprise customers.
As of September 2025, MiniMax reported more than 212 million individual users across over 200 countries, alongside roughly 130,000 enterprise clients worldwide.
More than 70 per cent of its revenue in the first nine months of 2025 came from overseas markets.
Financial filings show rapid top-line growth alongside heavy losses typical of frontier AI firms, as revenue rose to $30.5 million in 2024 and reached $53.4 million in the first nine months of 2025.
However, net losses widened sharply due to spending on large language model research, infrastructure, and ongoing development.
MiniMax has estimated it has spent less than 1 per cent of what OpenAI has invested in building its model ecosystem, a claim it uses to highlight cost efficiency rather than scale.
The company is backed by major Chinese technology investors, including Alibaba Group and Tencent, alongside miHoYo and several venture capital firms.
Its most recent funding round in August 2025 valued the business at more than $4.2 billion.
MiniMax’s listing comes amid a renewed push by Chinese AI firms to tap public markets, as competition intensifies and capital demands grow.
While investors remain cautious about cash burn, the IPO underscores confidence that demand for generative AI – particularly multimodal systems – will continue to accelerate well into the next decade.
Shanghi AI startup MiniMax heading to Hong Kong for 700M USD IPO in January 2026
