Chinese AI giant MiniMax has taken its first step toward an A-share (mainland China stock market) IPO. According to filings with the China Securities Regulatory Commission, the company signed a listing advisory agreement with CITIC Securities on May 29, 2026, officially kicking off its A-share IPO process. That means MiniMax and another AI unicorn, Zhipu AI, could soon be duking it out on the same mainland stock exchange. Zhipu AI had already signed advisory agreements in February with Guotai Haitong and CICC for its own STAR Market (Shanghai's Nasdaq-style board) listing.
MiniMax also shared fresh numbers: it now serves over 1 million enterprise and developer customers globally — a 5x increase from six months ago — and boasts 300 million total users. Annualized recurring revenue has more than doubled in the last two months. According to its 2025 financials, total revenue hit $79.038 million, up 158.9% year-over-year, with over 70% coming from international markets. Gross profit was $20.079 million, a whopping 437.2% jump, and gross margin rose 13.2 percentage points to 25.4%. Full-year adjusted net loss was $250 million, but the loss rate narrowed significantly.
On the strategic front, founder and CEO Yan Junjie spoke at a State Council Information Office press conference on May 28, noting that AI is increasingly integrating with semiconductor chips, software, and cloud platforms — and moving from simple applications to deep penetration of physical industries. Yan predicted the pace of progress over the next three years will match the blistering speed of the past three. He called for making AI more open and affordable to benefit the masses. By 2026, the team plans to evolve from a pure large model developer into a platform company, deepen global commercialization, and boost token throughput and scalable infrastructure.