MiniMax hits $800M ARR in August, saved by H3 video model
葬AI · wechat · 2026-08-31
MiniMax reached an ARR of $800 million in August, driven by the H3 video model's success and previous traffic from the 'Lobster' app. While its text model M3 lags behind, H3 stands as the only competitive model alongside Seedance. The author argues there's no fundamental moat between model labs, shifting competition focus to inference costs and multimodality. The new season splits into 'High Jump' (large parameters matching Fable5) and 'Commoditization' (small parameters matching Opus4.8), with MiniMax actively participating.
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