News
Research Report
Designing AI-First Systems for Customer Access
Key Takeaways
- MiniMax raised $619 million in a heavily oversubscribed Hong Kong IPO.
- Strong investor demand signals sustained interest in generative AI companies.
- Enterprise tech buyers may see expanding AI platform choices as investor capital fuels new product development.
Chinese AI startup MiniMax went public in Hong Kong, raising $619 million in a heavily oversubscribed offering that underscores sustained investor appetite for generative AI.
According to company officials, MiniMax priced shares at HK$165 ($21.18) apiece — the top of its indicated range — and sold 29.2 million shares, exceeding previous plans to sell 25.3 million shares.
Founded in 2021 by former executives from SenseTime Group Inc., MiniMax develops large language models and multimodal foundation models capable of generating text, audio, video and music. The company operates consumer-facing AI products while providing model access and tools to enterprise customers through APIs.
The successful listing comes as Hong Kong experiences a resurgence in technology and AI-related IPOs after a prolonged slowdown.
Table of Contents
- MiniMax’s Core AI Offerings
- MiniMax Accelerates Product Rollouts Ahead of IPO Surge
- AI Capital Flows Shift as Markets Favor Scalable Infrastructure
- MiniMax Background
MiniMax’s Core AI Offerings
Below is a breakdown of MiniMax’s product suite and what each offers to enterprise and developer teams:
| Offering | What It Enables |
|---|---|
| Foundation models | Large language and multimodal models for text, audio, video and music |
| Consumer applications | Conversational and creative AI products for end users |
| Enterprise APIs | Model access and developer tools for business integration |
| Coding models | M2 and M2.1 releases supporting multilingual programming |
| Video generation | Hailuo Video Agent for automated video production |
MiniMax Accelerates Product Rollouts Ahead of IPO Surge
MiniMax completed its Hong Kong IPO on January 8, raising roughly $619 million and demonstrating strong investor confidence in Chinese AI companies. This milestone followed an aggressive year of product launches throughout 2025.
The company launched its Model Context Protocol server in April, unifying text-to-speech, image and video generation capabilities. In June it introduced the Hailuo Video Agent beta for one-click video production, then released the M2 coding model in late October and M2.1 in December.
The expansion has not been without challenges. In September 2025, Disney, Universal and Warner Bros Discovery filed a US copyright suit alleging the Hailuo tool generated content featuring protected characters, claims MiniMax has disputed. Despite this litigation, cornerstone investors including Abu Dhabi Investment Authority and Mirae Asset Securities backed the IPO.
AI Capital Flows Shift as Markets Favor Scalable Infrastructure
Investor interest in generative AI splits sharply between speculative application plays and proven infrastructure bets.
Infrastructure Over Applications
The AI investment market divides into two distinct tracks. Consumer-facing applications attract headlines, but semiconductor firms, data center operators and cloud providers capture steady demand with sustainable revenue.
Nvidia dominates the GPU market, and hyperscale providers report record requests for AI capacity. SoftBank committed billions to large-scale data centers, including a $500 billion Stargate project with OpenAI and Oracle.
Enterprise Adoption Patterns
Organizations are allocating substantial budgets to AI initiatives. One in five has reallocated a significant portion of tech spending to generative AI, while 17% are doing the same for agentic AI.
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Current adoption statistics reveal momentum:
- 65% of organizations now regularly use generative AI
- Fewer than one billion people currently use large language models
- Rapid market expansion followed OpenAI's ChatGPT agent launch
Market Outlook
For investors, the distinction between applications and infrastructure proves critical. Consumer-facing tools may deliver growth bursts but carry higher collapse risk when sentiment shifts. Infrastructure aligns with enterprise adoption and the physical requirements of scale.
MiniMax Background
MiniMax, founded in 2021 and based in Singapore, targets developers and enterprise teams seeking advanced AI-native application deployment. Prior to its IPO, MiniMax raised approximately $850 million over four rounds from investors including Alibaba, Tencent Holdings Ltd., Gaorong Capital and IDG Capital Partners, according to Tracxn.