MiniMax has announced the successful completion of a new funding round, raising HKD 16 billion. The company stated that it plans to allocate 80% of the net proceeds from this financing to further strengthen its AI infrastructure and enhance research and development of its models.
On the same day, MiniMax's founder and CEO, Yan Junjie, issued an internal letter to all employees addressing recent market fluctuations.
In the letter, Yan announced that, effective immediately and continuing until the company achieves Artificial General Intelligence (AGI), he will cease drawing any salary from the company. Over the next four years, he will allocate shares equivalent to 4% of the company's total equity from his personal holdings to incentivize team members who have stood by the company long-term and co-created value. Additionally, he will allocate 1% of the company's shares to establish a dedicated fund for the ongoing support of relevant open-source communities.
Yan Junjie expressed that the team on the front lines of the industry has a keener sense of the pace of technological advancement and a clearer understanding of the long-term value the company is accumulating. He stated he would dedicate all his time, energy, and resources to the company's development, framing this as a "long-term commitment made as a founder."
Industry observers note that the large model sector remains in a phase of rapid technological iteration and sustained capital investment. Building AI infrastructure, model R&D, inference capabilities, and global expansion are becoming crucial pillars of long-term competitiveness for leading firms. Following this funding round, MiniMax's financial reserves will be significantly bolstered, aiding its continued progress in model development and commercialization efforts.
The full text of the internal letter from MiniMax founder and CEO Yan Junjie is appended below:
Dear Colleagues,
Markets may fluctuate, and external noise may arise, but the direction forward remains unchanged.
We, on the front lines of this industry, understand the true pace of technological evolution better than anyone, and we are more aware of the long-term value we are creating and accumulating.
From today until the day we achieve AGI, I will no longer receive any salary from the company.
Over the next four years, I will allocate shares equivalent to 4% of the company's total equity from my personal holdings to reward those team members who have fought alongside the company for the long term and co-created value. Concurrently, I will allocate 1% of the company's shares to establish a special fund to continuously support the development of relevant open-source communities.
I will dedicate all my time, energy, and resources to this endeavor.
This is my long-term pledge as a founder.
We will keep going until we get there.
Intelligence with Everyone.
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