Minimax is one of the leading global AI foundational model companies. The company differentiates itself from other model companies in terms of: 1) its commitment to developing multi-modal models from day one; 2) its cost-efficient approach to deliver AI intelligence; 3) its capabilities to reach and monetize on global user base. Minimax’s total revenue reached US$79.0mn in 2025, up by 159% YoY; and AI Native Products/Open Platform and Other AI-based Enterprise Services each account for 67%/33% of total revenue. Minimax currently has a relatively small market share of 0.3% in terms of global modelbased revenue, according to CIC. That said, supported by its SOTA multi-modal model capabilities and diversified AI applications, we expect Minimax to grow at a 181% revenue CAGR over FY25-28E and further gain market share in the global foundation model market. We value Minimax at HK$570.0 per share based on 80x FY26E PS. Initiate at BUY.
Strong competitive moats across multiple aspects. 1) Multi-modal capabilities: Minimax’s models ranked the top 15 across text, video, and speech benchmarks (per Artificial Analysis). And we expect Minimax to maintain its competitiveness across multiple modalities, underpinned by its strong R&D capabilities, talent density and efficient organizational structure; 2) strong cost efficiency: MiniMax M Series strike an optimal balance between performance and costs. Minimax M3 and M2.7 are in the most attractive quadrant of cost to run intelligence as per Artificial Analysis; 3) capabilities to reach global user base: MiniMax has launched all its foundational models and products across international markets. Revenue from Mainland China/overseas market accounted for 27%/73% of total revenue in FY25.
Enormous addressable market for foundational model providers. The global foundation model market remains at early development stage with strong growth potential. Per CIC, the global foundation model market is expected to grow at a CAGR of 65% over 2025-2029E to US$206.5bn in 2029E, with application/MaaS market accounting for 73%/27% respectively, primarily driven by the technological advancement and cost reduction of foundation model services. Minimax currently has a relatively small market share of 0.3% in terms of global model-based revenue, according to CIC. That said, supported by its SOTA multi-modal model capabilities and diversified AI applications, we expect Minimax will continue to gain market share in the global foundation model market.
Total revenue to grow at a 181% CAGR over FY25-28E. Driven by the strong demand for AI Native Products and Minimax’s multi-modal capabilities, we expect Minimax’s total revenue to grow at a 2025-28E CAGR of 181% and reach US$1,748mn in FY28E. Supported by the operating leverage and enhanced efficiency, we expect adjusted net margin to improve from -317% in FY25 to -19% in FY28E. We value Minimax at HK$570.0 per share (US$22.8bn) based on 80x FY26E PS. Our target PS multiple is at a premium to the global peers, mainly reflecting: 1) Minimax’s robust revenue growth outlook underpinned by the booming AI demand; 2) Minimax’s strong multi-modal capabilities and inference cost efficiency.