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MiniMax’s shares experienced a significant jump, despite the Chinese artificial intelligence company reporting a 302% increase in its net loss for the previous year. The larger loss was mainly driven by fair-value losses on financial obligations, even as its revenue grew by 159%, predominantly from international sales.
As of 2:40 p.m. in Hong Kong, MiniMax’s stock climbed 9.4% to HKD823.50 (approximately USD105.49) per share. Since going public on January 9, the stock has increased fivefold.
The company, based in Shanghai, announced yesterday that its net loss for the 12 months ending December 31 was nearly USD1.9 billion, while revenue reached around USD79 million. About 73% of this revenue was generated from overseas markets.
Fair-value losses on financial liabilities shot up to nearly USD1.6 billion last year, a dramatic rise from USD210 million in 2024. Despite this, adjusted net loss remained relatively stable at USD250 million, the company noted.
Most revenue was generated from AI-native products and an open platform, alongside other enterprise AI services. Research and development expenses rose 34% to USD250 million, primarily due to model updates that increased cloud service costs linked to training processes.
By the end of last year, MiniMax’s products had attracted approximately 236 million users, including more than 214,000 enterprise clients and developers.
Founded in 2022, the company concentrates on developing multimodal language models and implementing AI-native solutions. It became the fastest AI startup worldwide to go public.
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