MiniMax posts US$79M revenue but US$1.87B loss after HK IPO raises US$600M

MiniMax Group Inc. reported audited revenue of US$79 million for the year ended December 2025, a 159% increase from the prior year, but recorded a net loss of US$1.87 billion in its first full-year results following a Hong Kong initial public offering that raised about US$600 million. The results mark the company’s first earnings disclosure since listing and underscore a sharp split between rapid top-line growth and escalating costs.

“MiniMax Group Inc reported a better-than-expected 159% surge in revenue in 2025,” TheEdgeMarkets wrote, noting the company’s recruitment of public capital earlier in the year. Gross profit rose to US$20.1 million, up 437%, while analysts polled by Bloomberg had averaged estimates near US$71.4 million, a figure MiniMax exceeded (SCMP).

The composition of the US$1.87 billion loss is contested across sources. TheEdgeMarkets reports that “the majority of that stemmed from fair value losses on financial instruments,” signaling accounting hits separate from operating cash burn. SCMP highlighted operating investment, reporting that “while gross profit increased 437 per cent to US$20.1 million, total losses also soared 302 per cent to US$1.87 billion on the back of mounting research and development spending.” Interim figures published earlier in the year amplify that picture: MiniMax reported US$512 million in net losses on US$53.4 million of revenue in the first nine months of 2025, with R&D spending of US$180 million representing 337% of nine-month revenue, according to Ciw News.

Operational expenditure drivers are sizable. Ciw News reports cloud-computing bills in 2025 topped US$150 million and that infrastructure plus R&D consumed roughly US$250 million annually. Those investments accompany a product-led expansion: consumer applications accounted for 71% of nine-month 2025 revenue, with Talkie contributing 35% and the Hailuo AI video generator 33% of that period’s sales, while B2B API access made up the remainder (Ciw News). MiniMax’s prospectus claims the company has “served more than 236 million users across consumer products,” per TheEdgeMarkets, and monthly active users grew from 3.1 million in 2023 to 27.6 million by September 2025 (Ciw News).

MiniMax has also rolled out new models and consumer-facing products amid the spending surge. SCMP reported the M2.5 model was released “last month” and noted user praise for its cost-efficiency; ElectroIQ cited technical claims for an earlier model, reporting M2 reached a reported 87.0% score with a 230 billion parameter size, framed as evidence of efficiency.

Investor enthusiasm has been strong since the January listing. Missionmedia Asia recorded the IPO at HK$4.82 billion and said MiniMax’s market capitalization reached about HK$260 billion by mid-February, with major banks initiating buy recommendations and UBS setting a HK$1,000 price target. At the same time, the company faces legal and competitive headwinds: TheEdgeMarkets reports that Anthropic accused MiniMax and others of using its outputs for model training, and that Walt Disney and other studios sued MiniMax over alleged intellectual property piracy.

MiniMax’s results present a clear trade-off: rapid monetization and user growth funded by heavy investment and accounting losses. The company’s next reporting and its filings should clarify how much of the headline loss was non-cash fair-value volatility versus sustained operating cash burn, information investors and regulators will likely press for as scrutiny of Chinese AI listings intensifies.