On December 21, MiniMax, which has filed for an IPO, disclosed its prospectus.
According to the prospectus released after MiniMax passed the Hong Kong Stock Exchange hearing, the company's revenue for 2023, 2024, and the first three quarters of 2025 was $2.46 million, $30.52 million, and $53.44 million, respectively. Net losses for the same periods were $269 million, $465 million, and $512 million, while gross margins stood at -24.7%, 12.2%, and 23.3%.
MiniMax's revenue primarily comes from AI-native products and its open platform, along with other AI-based enterprise services. In the first three quarters of 2025, AI-native products accounted for 71.1% of total revenue, including applications such as the intelligent agent MiniMax, visual generation platform Conch AI, audio generation tool MiniMax Voice, and multimodal interaction platform Talkie/Starfield.
Among these, Conch AI generated $174.64 billion in revenue, contributing 32.6% of total revenue, while Talkie/Starfield brought in $187.5 billion, accounting for 35.1%.
MiniMax's open platform provides enterprises and developers with open APIs and services, while its other AI-based enterprise services include customized resource allocation and authorized deliverables for clients in industries such as smart hardware, healthcare, culture and tourism, finance, and internet services. This segment contributed 28.9% of total revenue in the first three quarters of 2025.
With a focus on the consumer market, over 70% of MiniMax's revenue comes from overseas. In the first three quarters of 2025, international markets contributed $390 million, or 73.1% of total revenue, with Singapore accounting for 24.3% and the U.S. for 20.4%.
The prospectus also detailed MiniMax's strategic alliance with Alibaba. As of December 15, 2025, Alibaba Group Holding Limited indirectly held a 13.66% stake in MiniMax through an affiliate and controlled 3.64% of voting rights. Chen Yingjie, General Manager of Alibaba's Strategic Investment Department, was appointed as a non-executive director of MiniMax.
Capital collaboration has translated into expanding business cooperation. Since 2022, MiniMax has been purchasing cloud computing services from Alibaba Cloud, with transaction volumes steadily increasing. Meanwhile, since 2023, MiniMax has also generated revenue by selling API services to Alibaba, with transactions growing consistently. This two-way partnership is expected to continue.
Specifically, MiniMax's spending on Alibaba Cloud services in 2022, 2023, 2024, and the first three quarters of 2025 was approximately $40,000, $3.1 million, $10 million, and $58.4 million, respectively. Revenue from API services sold to Alibaba during the same periods was $0, $41,400, $33,300, and $233,000.
MiniMax and Alibaba have agreed on several new API-based projects starting next year, with MiniMax set to provide API services for Alibaba's operations over the next three years, expecting significant revenue growth.
The prospectus noted that as the collaboration is still in its early expansion phase, revenue in 2025 remains relatively small. API usage only began scaling up in recent months after initial integration and pilot testing. MiniMax anticipates expanding application scenarios and traffic volume with Alibaba, projecting API service revenue to grow by at least 200% over the next three years.
Additionally, the prospectus set annual caps on cloud computing service purchases from Alibaba for the next three years: $115 million in 2026, $125 million in 2027, and $135 million in 2028.
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