clink-logo
MiniMax logo

ARR Leaderboard

MiniMax ARR: $800M Annualized, ~80% From Enterprise.

MiniMax went from $79M of total 2025 revenue — disclosed in its Hong Kong IPO prospectus — to more than $800M of annualized recurring revenue by August 2026, with roughly 80% from enterprise customers. Every reported figure below is traced to filings, Dealroom and 36Kr; HKD/RMB figures are converted to USD.

$800M+

ARR, Aug 2026

~$67M

Implied monthly recurring revenue

~80%

Of ARR from enterprise

~HK$81B

Market cap post-IPO

The MiniMax Revenue Curve.

Reported annualized run rate in USD millions, from the HKEX prospectus and post-IPO reporting, 2023 to August 2026. Linear scale — which is exactly why the first three years look flat.

$0M$220M$440M$660M$880MFull year 2023 — $3.5M ARRFull year 2024 — $30.5M ARRFull year 2025 — $79M ARRFebruary 2026 — $200M ARRHalf-year 2026 results — $400M ARRAugust 2026 — $800M ARR202320242025Feb '26H1 '26Aug '26
Sources: MiniMax HKEX prospectus, BigGo/36Kr, Dealroom, Dolphin Research.

$0 → $30M revenue

2 years

FY2024, HKEX prospectus

$30M → $79M revenue

1 year (+159%)

FY2025, HKEX prospectus

$200M → $800M ARR

~6 months

Feb → Aug 2026, 36Kr / BigGo

FY2025 revenue → Aug 2026 ARR

~10x in 8 months

Derived

Every Reported ARR Milestone.

  1. Full year 2023

    $3.5M ARR

    Total revenue of just $3.5 million, per the Hong Kong IPO prospectus — the company was still pre-commercial. — HKEX prospectus

  2. Full year 2024

    $30.5M ARR

    Revenue grew ~9x to $30.5 million as Talkie, Hailuo and the MiniMax API began monetizing. — HKEX prospectus

  3. Full year 2025

    $79M ARR

    Revenue up 159% YoY to $79 million (RMB ~535M); gross margin expanded to 25.4%. IPO priced for a January 2026 Hong Kong debut, raising up to ~$539M. — HKEX prospectus / Reuters

  4. February 2026

    $200M ARR

    Analyst estimates put ARR around $150–250M as the company pivoted toward its AI platform and agent model. — Dolphin Research (est.)

  5. Half-year 2026 results

    $400M ARR

    H1 revenue of $117M, up 283% YoY (some sources cite up to 703% growth on an annualized basis), with enterprise already over 60% of the mix. — BigGo / 36Kr

  6. August 2026

    $800M ARR

    ARR surpassed $800 million, roughly 80% from enterprise customers; management projects $800M–$1B ARR for full-year 2026 — nearly 20x total 2025 revenue. — BigGo / 36Kr

MiniMax by the Numbers.

Latest ARR

$800M+

H1 2026 report / 36Kr, Aug 2026

Implied MRR

~$67M / month

Derived from ARR

Market cap

~HK$81B

HKEX, 2026

FY2025 revenue

$79M (+159% YoY)

HKEX prospectus

FY2025 gross margin

25.4%

HKEX prospectus

Enterprise share of ARR

~80%

H1 2026 report

IPO

Hong Kong, Jan 2026, up to ~$539M raised

Reuters / HKEXnews

Basis note

FY2023–25 are audited revenue, not ARR; 2026 figures are company-reported ARR

HKEX / 36Kr

How Enterprise Contracts Outgrew the Consumer Apps.

MiniMax runs a multi-modal portfolio — the MiniMax LLMs (M2/M2.5), Hailuo video, and consumer apps like Talkie — monetized through a token-based API, enterprise contracts, and subscription apps. Enterprise is now the engine: roughly 80% of the August 2026 ARR, up from over 60% of H1 2026 revenue, sold as direct model access and agent deployments.

Notably, open-sourcing M2 and M2.5 — and cutting M2.5 inference costs by more than 50% — has so far grown rather than cannibalized revenue, as enterprise adoption followed the models. The 2025 base was still thin ($79M of revenue at a 25.4% gross margin, against ~$180M of nine-month R&D spend), which makes the 2026 ARR ramp the decisive test.

Revenue Mix

  • Enterprise model access~80% of ARR — direct contracts and agent deployments on MiniMax and M-series models.
  • Token-based APISelf-serve developer access across text, video (Hailuo) and audio models.
  • Consumer subscription appsTalkie and companion products; historically the largest consumer line.

FAQ

MiniMax Revenue, Answered.

What Is MiniMax's ARR in 2026?
MiniMax's annualized recurring revenue surpassed $800 million in August 2026, per its H1 2026 reporting, with roughly 80% coming from enterprise customers. Management projects $800M–$1B ARR for full-year 2026 — nearly 20x its total 2025 revenue.
How Much Revenue Did MiniMax Report Before the ARR Surge?
Per its Hong Kong IPO prospectus: $3.5M in 2023, $30.5M in 2024 (~9x growth), and $79M in 2025 (+159% YoY) at a 25.4% gross margin. Those are audited revenue figures, not ARR.
What Does MiniMax Actually Sell?
Token-based API access to its M-series language models plus Hailuo video and audio models, enterprise model deployments, and consumer subscription apps such as Talkie. Enterprise is now the dominant line.
Did Open-Sourcing Its Models Hurt MiniMax's Revenue?
No — open-sourcing M2 and M2.5, alongside cutting M2.5 inference costs by more than 50%, coincided with accelerating enterprise adoption. ARR kept climbing to $800M+ after the open-source pivot.
What Is MiniMax's Valuation?
MiniMax listed on the Hong Kong Stock Exchange in January 2026, raising up to roughly $539 million, and trades at a market capitalization around HK$81 billion as of 2026. It is also pursuing an A-share listing.

Monetizing a Multi-Modal AI Product? Get Paid With Clink.

Token APIs, enterprise contracts and consumer apps on one revenue line. Clink meters usage, manages subscription plans and takes on merchant-of-record tax across all three.

Monetize Your Model APIs→