MiniMax Revenue Nearly Quadrupled in H1 2026 as Enterprise AI Demand Surged

MiniMax’s first-half 2026 results show an AI company scaling revenue rapidly while still spending far more than it earns. Revenue nearly quadrupled year over year, and the six-month total surpassed the company’s full-year 2025 revenue. But the improvement in its reported shareholder loss does not mean its underlying adjusted loss improved: adjusted net loss more than doubled as MiniMax increased investment in model development, training and computing capacity. 135

Revenue exceeded the whole of 2025

MiniMax reported $116.6 million in revenue for the six months ended June 30, 2026, up 283.1% from $30.4 million in the same period of 2025. The result was also substantially higher than the company’s $79.0 million in revenue for all of 2025. 15

That comparison is important because it shows how quickly MiniMax’s revenue base expanded: by the end of the first half, the company had generated about 1.5 times its entire prior-year revenue. The growth was not limited to one product category, although enterprise-oriented services were the largest contributor.

Business customers became the main growth engine

Revenue from Open Platform and other AI-based enterprise services surged 703.1% year over year, from $9.2 million to $73.9 million. The segment accounted for 63.4% of total first-half revenue, compared with 30.3% a year earlier. 15

MiniMax said the increase reflected growth in paying users and enterprise customers, higher API-call volumes and adoption of its Token Plan. Revenue from AI-native products also grew, rising 100.9% to $42.6 million. 5

The shift suggests that business usage of MiniMax’s models was becoming more significant to its revenue mix than consumer products alone. The company also pointed to a broader global customer base and stronger demand for model inference. According to the company’s CEO, token consumption in July was 20 times the January level. 13

Reported loss narrowed, but adjusted loss widened

MiniMax’s loss attributable to shareholders narrowed 11.0% to approximately $358.0 million, compared with $402.2 million a year earlier. 3

The adjusted figure painted a less favorable picture. Adjusted net loss reached $293.0 million, up from $138.7 million in the first half of 2025. The company’s adjustment excludes specified items including share-based payment expenses, fair-value losses on financial liabilities and listing expenses. 34

The two measures are not directly interchangeable. The narrower reported loss reflects the accounting impact of items included in the prior-year period, while the widening adjusted loss indicates that MiniMax’s ongoing operating investment remained substantial.

R&D spending rose faster than twofold

Research-and-development expense increased 138.8%, from $124.3 million in the first half of 2025 to $296.9 million in the first half of 2026. 5

MiniMax attributed the increase mainly to higher cloud-service costs related to training, faster model iteration and upgrades to its computing infrastructure as it continued developing and refining foundation models and multimodal capabilities. 5

That spending growth was lower than the company’s 283.1% revenue growth rate, but the absolute cost remained much larger than revenue for the period. The figures therefore capture the central trade-off in MiniMax’s results: expanding demand is producing a rapidly growing commercial business, while competing in AI requires sustained spending on models, training and compute.

What the results show

MiniMax’s H1 2026 performance is best understood as high-growth, high-investment expansion:

• Revenue reached $116.6 million, up 283.1% year over year. 15
• H1 revenue exceeded the $79.0 million generated during all of 2025. 15
• Enterprise services supplied 63.4% of revenue after growing 703.1%. 15
• The reported shareholder loss narrowed to about $358.0 million, while adjusted net loss widened to $293.0 million. 34
• R&D expense climbed 138.8% to $296.9 million as model training and infrastructure investment increased. 5

The clearest takeaway is that MiniMax is gaining commercial traction, particularly with business customers and model-inference users. The caveat is equally clear: revenue growth has not yet translated into adjusted profitability, and the company continues to fund that expansion with heavy investment in AI research and computing capacity.