MiniMax Revenue Surges 159% But Losses Balloon to $1.87B
Chinese AI startup MiniMax posts massive revenue growth post-IPO, but its net loss quadrupled year-over-year.
Shanghai-based AI company MiniMax just dropped its latest financials, and it's a tale of two extremes. Revenue rocketed 159% year-over-year in 2025 to $79 million, beating analyst estimates of roughly $71.4 million.
The bad news? Losses exploded. MiniMax posted a staggering $1.87 billion net loss, up from approximately $465.2 million the prior year. That's a quadrupling of red ink in twelve months.
The results came after the company's IPO and reflect the brutal economics of competing in China's AI arms race. MiniMax has positioned itself as one of the country's leading rivals to OpenAI, and investors have been hungry for exposure to that growth story.
The math is stark: for every dollar earned, the company burned roughly $24. Impressive top-line momentum, but the cash furnace is running hot.