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MiniMax ARR Surges Past $800M, B2B Becomes Main Growth Engine

MiniMax ARR soars past $800M in six months, with B2B now 80% of revenue and token usage up 20x.

AI News Feed · 2026-08-28 02:04

MiniMax's H1 2026 revenue reached $116.6 million, up 283.1% year-on-year and already surpassing the full-year 2025 revenue of $79.04 million. Second-quarter revenue grew 81.8% quarter-over-quarter. Gross profit was $20.81 million, up 464.8%, with gross margin improving from 12.1% to 17.9%. The revenue structure has shifted rapidly, with open platform and enterprise services contributing $73.93 million in H1, a 703.1% increase, and now accounting for 63.4% of total revenue versus 32.8% in 2025. By August, B2B made up about 80% of ARR, compared with roughly 30% last year. About three-quarters of the new revenue came from B2B.

C-end products such as Talkie and Hailuo AI also grew 100.9% to $42.64 million, but the pace of enterprise and developer demand is far faster. MiniMax CEO Yan Junjie said ARR expanded from $150 million in February to over $800 million by August. Token consumption in July was 20 times the January level, and the number of enterprise customers and developers surpassed 2 million in May, ten times the end-2024 figure. The M3 model, released in June, and the open-source video generation model H3, released in July, drove much of this growth. H3 received over 24 million downloads in three weeks and led to more than 300 derivative models.

MiniMax prices its M3 model at $1.2 per million tokens, well below the median of $2.2 for comparable models. The company argues that high intelligence and cost-effectiveness are not a trade-off, and that lowering unit intelligence cost benefits both commercial and technical progress. Its infrastructure, built with an effective training time ratio of 97%, allows flexible sharing between training and inference, keeping costs low while supporting high-intensity development.

The report indicates that MiniMax is now in a phase where commercialization is accelerating, B2B has become the primary source of new revenue, and efficiency metrics are improving, though research and development spending remains high at $296.9 million in H1, up 138.8%.