MiniMax Revenue Surges 283% to $116.6M in H1 2026 as Enterprise AI Demand Spikes.
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Shanghai-based artificial intelligence startup MiniMax reported a 283.1% year-on-year surge in revenue for the first half of 2026, reaching $116.6 million. The first-half revenue figure has already surpassed the company's total revenue for the entire year of 2025 ($79.0 million). Growth was primarily driven by MiniMax’s B2B enterprise offerings and Open Platform API services, which overtook consumer AI applications to become the company's largest revenue stream. While heavy R&D commitments and chip infrastructure investments kept the firm unprofitable, its net loss narrowed to $358 million.
Artificial intelligence developer MiniMax Group Inc. (HKEX: 00100) has reported financial results for the six months ended June 30, 2026. Revenue reached $116.57 million, reflecting a 283.1% year-on-year increase from $30.43 million in H1 2025, driven by global demand for lower-cost inference models, enterprise API integrations, and consumer AI tools like Hailuo AI.
Business Segment Performance
- Open Platform & Enterprise Services (B2B): Revenue surged by 703.1% year-on-year to $73.87 million (up from $9.2 million in H1 2025). This segment grew to represent 63.4% of MiniMax’s total revenue, overtaking consumer applications as the company’s primary revenue driver.
- AI-Native Consumer Products (B2C): Revenue rose 100.9% year-on-year to $42.62 million (compared to $21.2 million in H1 2025), driven by monetization of consumer tools including Hailuo AI.
Margins, Operating Losses, and Model Strategy
MiniMax’s gross profit expanded 464.8% to $20.81 million, pushing gross margins up to 17.9% (compared with 12.1% in the prior-year period). Management attributed the margin expansion to infrastructure optimization and declining unit inference costs across its model portfolio.
However, high compute requirements and ongoing model pre-training expenditures expanded research and development (R&D) costs by 138.8% to $296.87 million. Net loss attributable to the parent company narrowed 11.0% to $357.99 million, compared to $402.19 million in H1 2025.
Overseas operations accounted for approximately 60% of total revenue, underscoring the startup’s strategy to deploy open-source and API-based models across international markets.
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