MiniMax’s H1 2026 Revenue Surged 283% as Enterprise AI Demand Took Over

MiniMax’s first-half 2026 results show a business moving rapidly from consumer AI products toward enterprise and developer services. Revenue reached $116.6 million for the six months ended June 30, up 283.1% from $30.4 million a year earlier—and already about 1.5 times the company’s full-year 2025 revenue of $79.0 million. 146

The caveat is just as important as the growth: MiniMax remained deeply loss-making, reporting a net loss of about $358 million despite a sharp increase in gross profit. 6

The headline result: $116.6 million in revenue

MiniMax attributed the increase to a larger global customer and user base, rising demand for model inference, and its ability to turn improvements in model capability into products and services for businesses, developers, and individual users. Reuters also reported that demand for the company’s lower-cost models and AI platform accelerated during the period. 14

The comparison with 2025 makes the result especially striking. MiniMax generated $79.0 million for the entire 2025 financial year, meaning the first six months of 2026 produced substantially more revenue than the previous full year. 46

Enterprise and platform services became the main growth engine

The most significant shift was in MiniMax’s business mix. Revenue from its Open Platform and other AI-based enterprise services rose from $9.2 million to $73.9 million, an increase of 703.1% year over year. The segment represented 63.4% of total revenue, compared with 30.3% in the same period of 2025. 46

That growth points to stronger monetization of the infrastructure around MiniMax’s models, including services used by enterprises and developers. The company’s interim results attributed the increase to growth in paying users and enterprise customers, higher API call volumes, and adoption of its token plan. 4

In other words, the period’s results were not driven only by people subscribing to AI applications. Businesses and developers using MiniMax’s models through its platform had become the company’s largest reported revenue source.

Consumer AI products also grew, but contributed less revenue

MiniMax’s AI-native consumer products generated $42.6 million, up 100.9% from the first half of 2025. The company’s Hailuo AI video-generation product and AI companion applications supported this part of the business. 47

Consumer products therefore remained meaningful, but their $42.6 million contribution was well below the $73.9 million generated by Open Platform and enterprise services. The balance of revenue suggests that MiniMax is building a two-sided business: consumer applications can create user reach and product revenue, while APIs and enterprise services are becoming the larger commercial engine.

International markets supplied most of the revenue

International markets accounted for 60.8% of MiniMax’s first-half revenue, according to the company’s results. 6 That gives the business a global revenue profile even as it competes in China’s crowded foundation-model market.

The figure was lower than the more than 70% international share reported for full-year 2025, so the latest results do not show international growth as a larger proportion of sales. They do, however, show that markets outside mainland China still generated more than half of total revenue. 6

Gross profit improved, but profitability remains distant

MiniMax reported gross profit of approximately $20.8 million, up 464.8% year over year. Its loss for the period narrowed to about $358 million, compared with roughly $402 million a year earlier. 6

That combination is a mixed signal. Higher gross profit indicates that revenue growth and operating efficiencies are improving the economics of the company’s products and services. But the size of the net loss relative to revenue shows that MiniMax is still spending heavily as it develops models, expands infrastructure, and builds its business.

The company’s reported strategy is to extend the “performance-cost frontier”: improve model performance while reducing training and inference costs through full-stack optimization. The goal is to make advanced AI more economical to deploy at scale. 14

For MiniMax, that strategy is not just a technical ambition. Lower inference costs could make its platform more attractive to enterprise customers and developers, while better performance could help it compete in a market where many AI providers are under pressure to offer capable models at increasingly low prices.

IPO and planned fundraising add capital-markets context

MiniMax listed in Hong Kong in January 2026 and was grouped with China’s so-called “AI tigers,” a cohort of domestic AI companies developing large language models to compete with major global labs. CNBC reported that the IPO raised approximately HK$4.8 billion.

In July, MiniMax said it was seeking to raise HK$16.04 billion, or about $2.05 billion, through a share sale and bond issue to fund growth in its AI business. This was a proposed capital raise, not evidence that the full amount had already been secured.

That distinction matters when assessing the first-half results. MiniMax’s revenue growth is substantial, but its large loss and continued investment needs mean access to capital remains an important part of its expansion plan.

What the results mean

MiniMax’s H1 2026 numbers support a clear but qualified conclusion: the company is finding strong demand for its AI models, particularly through enterprise and developer-facing services, but it has not yet demonstrated sustainable profitability.

The 703.1% increase in Open Platform and enterprise-services revenue is the clearest sign of commercial momentum. At the same time, the $358 million net loss shows how expensive it remains to build and operate a competitive AI model business. MiniMax’s next test will be whether platform growth, international demand, and lower-cost inference can continue scaling faster than its research and infrastructure costs.