Chinese artificial intelligence firm MiniMax reported on Wednesday a 283% jump in first-half revenue to US$116.6 million, driven by rapid growth in its enterprise business. The figure covers the six months ended June 30.
The company’s enterprise segment climbed roughly 700% over the period, becoming the main engine of the top-line increase. Demand for AI products has risen sharply across China as businesses adopt generative tools and large language models.
Despite the surge, revenue tracked behind the pace needed to meet full-year analyst expectations. The first-half total accounted for about 32% of the US$363.77 million that analysts polled by Bloomberg forecast for the full year 2026.
MiniMax is one of a cluster of well-funded Chinese startups competing in a crowded domestic AI market. Rivals include Zhipu AI, Moonshot AI and Baichuan, alongside larger technology groups that have folded AI into existing cloud and consumer platforms.
The results follow the company’s move toward public markets. MiniMax had earlier pursued a listing backed by Alibaba and Abu Dhabi investors, part of a broader push by Chinese AI firms to secure capital for model training and compute.
Founded in 2021, MiniMax builds text, audio and video generation models and offers products aimed at both consumers and corporate clients. Its enterprise tools have drawn customers seeking to embed AI into workflows.
The gap between reported revenue and annual forecasts reflects the cost pressures facing AI developers, who spend heavily on chips, data and talent while racing to convert user growth into recurring income.
MiniMax has not issued updated full-year guidance alongside the interim results. The company’s next financial disclosure is expected in its annual filing.