MiniMax ARR hits $800M in August, up 5.3x in six months as B2B hits 80%
量子位 · wechat · 2026-08-26
MiniMax disclosed that its ARR exceeded $800M in August, up 5.3x from $150M in February. H1 2026 revenue reached $116.6M (+283.1% YoY), surpassing all of 2025 ($79M) in six months; Q2 grew 80%+ QoQ.
Revenue mix shifted decisively to B2B: enterprise services hit 63.4% of H1 revenue and 80% of ARR by August (vs 30% in 2025), with open-platform revenue at $73.9M (+703% YoY). Consumer AI products still grew 100.9% to $42.6M. Enterprise clients/developers topped 2M in May (10x YoY); July token consumption was 20x January's, driven by agent workloads. Open-sourced video model H3 saw 24M+ downloads and 300+ derivatives in three weeks, feeding paid API usage.
Margins improved from 12.1% to 17.9% while sales spend fell 17.9%; R&D spend of $296.9M still lags revenue growth. CEO Yan Junjie argues intelligence and low cost aren't opposed: M3 is priced at $1.2/M tokens (vs $2.2 median), backed by self-built clusters with 97% ETTR and mixed train/infer scheduling. Next-phase motto: minimize inference cost, maximize intelligence.
Related event: MiniMax H1 Revenue Up 283%, ARR Tops $800M as Enterprise Business Surges(8 posts)→
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