MiniMax Aims for $4 Billion Valuation as It Eyes Hong Kong Debut Amid AI Boom

16 July 2025

Shanghai‑based AI startup MiniMax has quietly submitted confidential filings for a Hong Kong IPO, targeting a valuation north of $4 billion and aiming to raise between HK$4 billion and HK$5 billion equivalent to roughly $510 million to $637 million as it seeks to ride the generative AI tide and market enthusiasm in Asia’s financial hub.

Founded in early 2022 by ex‑SenseTime executive Yan Junjie, MiniMax has swiftly risen into the ranks of China's so‑called “AI tigers.” The firm has developed a range of advanced multimodal models, MiniMax M1, Hailuo‑02, Speech‑02, Music‑01 that can seamlessly process text, speech, imagery, video, and music. Collectively, these tools have drawn over 157 million users from across 200 countries and serve more than 50,000 companies and developers in over 90 markets.

Behind the sleek tech lies an engine of investor confidence. MiniMax has raised over $850 million since 2023, with funding from heavyweights such as Alibaba, Tencent, Hillhouse, Hongshan Capital, and Yunqi Capital. These backers did not merely inject cash; they offered a seal of approval for MiniMax’s trajectory, signaling to public market investors that the startup is worth watching.

The IPO process is being shepherded by marquee global financiers China International Capital Corp (CICC) and UBS underscoring both the institution’s reputation and international interest in the offering. Still, variables like market appetite and broader economic conditions may tweak final valuation or the total amount raised.

MiniMax is not alone in turning to Hong Kong’s busy IPO landscape. Mainland competitors like Zhipu AI and GPU‑maker Biren Technology have eyed the exchange, reflecting a broad push among Chinese tech innovators to tap capital reserves outside their domestic stock markets. This trend aligns with mainland tech firms seeking greater visibility, global investor access, and resilience amid regulatory shifts.

For MiniMax, timing is crucial. Hong Kong’s appetite for AI firms has grown stoked by breakthroughs like DeepSeek, China’s answer to ChatGPT setting a fertile environment for listings. At the same time, China’s broader geopolitical strategy includes promoting high-tech industries that are less dependent on U.S. technology.

The IPO also marks an inflection point for MiniMax. Nearly three years from its founding, the company is making a bold transition from private rounds into the public spotlight. That shift carries more than finance: it brings heightened scrutiny on its business model, growth projections, product performance, and governance. Public investors will expect to see evidence that commercialisation not just innovation drives sustainable value.

Even as excitement builds, the road ahead is not without risk. IPO-size, venture valuations, and investor sentiment could shift with macroeconomic changes or geopolitical tension. MiniMax’s ability to articulate a clear growth strategy whether via enterprise partnerships, monetisation of consumer AI apps like Talkie, or expansion in overseas markets will be crucial to maintaining confidence.

Yet MiniMax’s journey illustrates a broader chapter in China’s technological rise. It positions itself as both beneficiary and architect of a deepening AI ecosystem backed by heavy domestic capital, integrated with global finance, and reaching users and developers worldwide. A successful IPO would mark a milestone not just for the company, but for China’s place in the global AI race.

MiniMax aims to float before year-end, launching a campaign that will test market sentiment and Asia’s growing appetite for generative AI investments. If it succeeds, the valuation could edge even higher. If not, it may delay or recalibrate. Either way, the stakes are high and the outcome will be watched by investors, technologists, and market observers from Shanghai to Wall Street and beyond.