MiniMax Revenue Surges 283% as AI Model Inference Demand Climbs

The company's performance reflects a broader shift in its business model, with Open Platform services now accounting for 63.4% of total revenue. This segment, which includes enterprise API access and token-based plans, brought in US$73.9 million, compared to US$9.2 million in the first half of 2025. Meanwhile, revenue from AI-native consumer products like Hailuo AI grew more modestly, reaching US$42.6 million.

Despite the revenue growth, MiniMax reported an adjusted net loss of US$293.0 million, widening from US$138.7 million a year prior. CEO Dr. Yan Junjie noted that token consumption increased 20-fold by July 2026, signaling high demand for model inference. To support this, research and development spending rose to US$296.9 million, largely driven by cloud infrastructure requirements for training foundation models. The company finished the period with a cash balance of US$1.32 billion, bolstered by significant shifts in its balance sheet liabilities.