MiniMax, a fast-growing AI startup out of Shanghai, is now weighing a potential IPO in Hong Kong—one that could give investors a direct line into China's new generation of AI contenders. Valued at around $3 billion, MiniMax has brought in advisers and is exploring a listing as soon as this year, according to people familiar with the matter. The move, still under discussion, would mark a rare public debut for one of China's so-called AI Tigers—startups that are drawing comparisons to OpenAI and making their presence felt in an increasingly crowded race for dominance in generative AI.
Founded in 2021, MiniMax raised $600 million last year in a round led by Alibaba (BABA, Financial), bringing its valuation from $2.5 billion to roughly $3 billion. Tencent also backed earlier funding rounds. Since then, the company has launched a new reasoning model, M1, which it says is more powerful and less resource-hungry than DeepSeek's latest version. It's also been pushing forward with Hailuo AI—its upgraded text-to-video platform—and Talkie, a social AI companion app positioned against U.S.-based Character.AI. In short: MiniMax isn't just catching up—it's actively building the infrastructure to compete.
The potential IPO lands at a time when Chinese AI firms are moving fast, raising capital, and unveiling new models to keep up with breakneck innovation cycles. Zhipu, another Alibaba- and Tencent-backed startup, is also said to be preparing for a listing. Meanwhile, rivals like Baichuan and Moonshot are rolling out their own advancements. For investors, MiniMax could become a rare pure-play exposure to China's AI surge—one that mixes speed, ambition, and heavyweight backing in a market hungry for the next big thing.
