MiniMax ARR tops $800M in August, B2B revenue hits 80% of total
智东西 · wechat · 2026-08-28
MiniMax's first half-year report since its HK listing shows revenue up 283.1% YoY — already 1.5x its full 2025 revenue — with gross profit up 464.8%. CEO Yan Junjie said August ARR exceeded $800M, B2B revenue reached 80% of total, and July token consumption was 20x January's.
Yan's thesis: "minimize the cost per unit of intelligence to maximize intelligence." Inference now dominates training itself — synthetic data, RL rollouts and evaluation all run inference workloads — so inference efficiency caps how far models can scale. MiniMax's MSA sparse attention architecture cuts per-token compute on 1M-token contexts to 1/20 of full attention, letting M3 Pro reach 3T parameters while advancing RL training; infra-level ETTR hits 97%. The piece argues this offers Chinese labs a path to compete despite compute disadvantages.
Related event: MiniMax H1 Revenue Up 283%, ARR Tops $800M as Enterprise Business Surges(8 posts)→
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