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China · public_or_public_adjacent
MiniMax
MiniMax is the app-native China lab pattern: global consumer and creative tools can grow fast, but losses show that app distribution does not remove frontier burn.
MiniMaxHailuo
Financial metrics
| Metric | Period | Value | Source | Confidence |
|---|---|---|---|---|
| revenue | FY2025 | 79 USD_millions | reported | medium |
| net_loss | FY2025 | 1870 USD_millions | reported | medium |
| international_revenue_mix | FY2025 | 70 percent | reported | medium |
Revenue mix
consumer_apps50%
api30%
creative_enterprise20%
Risks
- - loss scale
- - consumer app volatility
- - creative tooling competition