MiniMax Group, the Shanghai-based multimodal AI company, just posted the kind of numbers that make competitors quietly update their strategy decks. Revenue hit $116.6 million in the first half of 2026, a 283.1% jump from $30.4 million in the same period last year.
The growth engine behind the surge tells an even more interesting story. Revenue from MiniMax’s Open Platform and enterprise services climbed 703.1% to $73.9 million, accounting for 63.4% of total revenue.
Where the money is coming from
MiniMax’s revenue breaks down into two major buckets, and both are growing fast, just at very different speeds.
The Open Platform and enterprise services segment, which essentially lets businesses and developers plug into MiniMax’s AI models, nearly octupled its revenue year-over-year.
The second bucket, AI-native products, grew a more modest (by comparison) 100.9% to $42.6 million. This segment includes Hailuo AI, the company’s consumer-facing product.
Gross profit tells a similar story of acceleration. MiniMax reported $20.8 million in gross profit for the first half, up 464.8% from the prior year period.
The company still posted a net loss of $358 million for the period. That’s actually an 11% improvement from the $402 million loss recorded in the first half of 2025.
A global-first playbook
One of the more striking details in MiniMax’s results is the geographic split. International markets contributed roughly 60.8% of total revenue, meaning the company is generating more money outside China than inside it.
MiniMax has pursued what it calls a “global-first commercialization strategy,” operating across more than 230 countries and regions.
MiniMax now serves over 300 million individual users and more than 1 million enterprises and developers worldwide. The company was founded in December 2021 and completed its Hong Kong Stock Exchange IPO in January 2026.
The company counts Alibaba and Tencent among its major backers.
What this means for the AI landscape
Shares of MiniMax traded around HK$303 following the announcement, showing modest gains. Analysts have reportedly set optimistic price targets for the stock, driven by expectations that enterprise AI adoption will continue accelerating across MiniMax’s product lines.