MiniMax H1 revenue jumps 283% to $116.6M, enterprise unit up 703%
Synopsis
MiniMax's enterprise unit surged 703% in H1 2026, lifting total revenue 283% to US$116.6M — yet the company has covered only 32% of its full-year analyst target, and its adjusted net loss more than doubled to US$293M, exposing the brutal cost of competing in China's crowded AI race.
Key Takeaways
MiniMax posted US$116.6 million in first-half 2026 revenue, a 283 per cent year-on-year increase.
The Open Platform and enterprise services segment grew 703 per cent to US$73.9 million , now representing 63.4 per cent of total revenue.
First-half revenue covers only 32 per cent of the US$363.77 million full-year analyst consensus compiled by Bloomberg .
Gross profit margin improved to 17.9 per cent from 12.1 per cent , while adjusted net loss widened 111.2 per cent to US$293 million .
Hong Kong -listed MiniMax shares closed up 1.13 per cent at HK$303 on 26 August 2026 ahead of the announcement.
MiniMax reported full-year 2025 revenue of US$79 million , making the current half-year figure already well above last year's annual total.
Chinese AI startup MiniMax reported a 283 per cent surge in first-half revenue to US$116.6 million for the six months ended June 30, 2026, driven almost entirely by an explosive 703 per cent rise in its enterprise business — yet the pace of growth still falls short of what analysts need to see for the company to hit its full-year targets.
Revenue beats but full-year gap looms
The US$116.6 million in first-half revenue represents roughly 32 per cent of the US$363.77 million full-year figure that analysts compiled by Bloomberg are projecting for 2026. That shortfall signals the company must dramatically accelerate second-half performance to close the gap. For context, MiniMax reported full-year revenue of just US$79 million for 2025, making the current trajectory a significant step up even if it trails forecasts.
Enterprise engine powers the surge
Revenue from MiniMax's Open Platform and other AI-based enterprise services rocketed 703 per cent year on year to US$73.9 million, up from US$9.2 million in the same period a year earlier, according to the company. This segment now accounts for 63.4 per cent of total revenue, expanding sharply from 30.3 per cent a year ago, reflecting growth in both paying users and enterprise customers. Revenue from other AI-native products also doubled over the same period.
Gross margins improve; adjusted losses widen
Gross profit grew more than five-fold to US$20.8 million from US$3.7 million, with gross profit margin rising to 17.9 per cent from 12.1 per cent a year earlier, the company said. Total net loss for the period narrowed 11 per cent to US$358 million. However, adjusted net loss expanded 111.2 per cent to US$293 million from approximately US$139 million a year ago, underscoring the heavy investment required to compete in a crowded field that includes DeepSeek, Zhipu AI, Moonshot AI, and Z.ai.
Market reaction
Shares of Hong Kong-listed MiniMax closed up 1.13 per cent at HK$303 on Wednesday, August 26, 2026, ahead of the earnings announcement. The muted gain suggests investors are balancing optimism over enterprise momentum against concern about the adjusted loss trajectory and the distance to full-year targets.
What's next
MiniMax, known for its M-series large language models and positioning in the race toward artificial general intelligence, faces a demanding second half if it is to satisfy analyst expectations. The company competes not only with domestic rivals but also against global players such as OpenAI and Anthropic for enterprise contracts. How quickly MiniMax can convert its platform momentum into sustainable margin improvement — and whether it can narrow the adjusted loss gap — will be the defining metrics to watch through year-end.
Point of View
A feat that would require either a step-change in enterprise deal closures or a significant pricing shift. In a market where JP Morgan and other institutions are scrutinising Chinese AI monetisation closely, the widening adjusted loss could dampen institutional appetite even as the top-line story dazzles.
NationPress
26 Aug 2026
Frequently Asked Questions
What were MiniMax's H1 2026 revenue results?
MiniMax reported first-half 2026 revenue of US$116.6 million , a 283 per cent increase year on year. The result was powered by a 703 per cent jump in its enterprise and Open Platform segment to US$73.9 million .
Is MiniMax on track to meet its full-year 2026 revenue forecast?
MiniMax is currently behind the pace needed to meet full-year analyst estimates. Its US$116.6 million in H1 revenue represents only about 32 per cent of the US$363.77 million full-year consensus compiled by Bloomberg , meaning the company must significantly accelerate growth in the second half.
How did MiniMax's losses change in H1 2026?
MiniMax 's total net loss narrowed 11 per cent to US$358 million , but its adjusted net loss expanded 111.2 per cent to US$293 million from approximately US$139 million a year earlier. This divergence reflects heavy ongoing investment in model development and infrastructure.
Who are MiniMax's main competitors in the Chinese AI market?
MiniMax competes with a dense field of domestic rivals including DeepSeek , Zhipu AI , Moonshot AI , and Z.ai , as well as global players such as OpenAI and Anthropic . The crowded landscape is driving aggressive pricing and heavy capital expenditure across the sector.
What is MiniMax's enterprise business and why does it matter?
MiniMax 's enterprise business — comprising its Open Platform and other AI-based enterprise services — is now the company's primary revenue engine, accounting for 63.4 per cent of total revenue in H1 2026 . Its rapid growth from 30.3 per cent a year earlier shows the company is successfully converting its M-series large language models into commercial products for paying corporate customers.
