MiniMax Launches IPO, Set to List on HKEX on January 9 with $349M in Cornerstone Commitments
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MiniMax is heading to the Hong Kong market with strong global traction, rapid revenue growth, and heavyweight cornerstone backing as it bets big on next-generation AI models.
On December 31, 2025, AI company MiniMax Group Inc. officially launched its initial public offering, with subscriptions running through January 6, 2026. The company plans to list on the Main Board of the Hong Kong Stock Exchange on January 9 under the stock code 0100.
MiniMax plans to issue 25.39 million shares, with an offer price range of $19.39 to $21.19 per share. Excluding any greenshoe or over-allotment options, the offering implies a valuation of approximately $5.93 billion to $6.47 billion.
The IPO has attracted 14 cornerstone investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, with total cornerstone subscriptions reaching about $349 million. The investor base spans international long-term funds, leading global tech players, Chinese institutional investors, and strategic industry partners.
As of September 2025, MiniMax’s services covered more than 200 countries and regions, with over 212 million individual users worldwide. Revenue for the first nine months of 2025 surged by more than 170% year over year, while over 70% of total revenue came from overseas markets.
Founded in early 2022, MiniMax has achieved strong progress across speech, video, and text foundation models, with cumulative R&D investment totaling approximately $642 million. The company says it has reached global leadership in full-modal AI capabilities at roughly 1% of OpenAI’s cost base. Proceeds from the listing will primarily be used over the next five years to upgrade large language models and develop AI-native products, positioning the company to capture global AI growth opportunities. According to UNCTAD, the global AI market is expected to expand from $189 billion in 2023 to $4.8 trillion by 2033.
