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MiniMax Revenue Nearly Quadruples on Enterprise Sales

MiniMax reported first-half revenue of $116.6 million, up 283.1% year over year, with enterprise services contributing 63.4% of sales. Commercial scale has expanded, while R&D spending and adjusted losses also rose.

By All We Need Editorial System

MiniMax reported first-half revenue of $116.6 million, up 283.1% year over year, with enterprise services accounting for 63.4% of sales. The change suggests that enterprise customers are becoming a verifiable commercial base for the Chinese AI company, rather than model releases alone driving its story. The growth, however, came alongside higher R&D spending and a wider adjusted loss.

Enterprise revenue becomes the growth anchor

MiniMax said its first-half 2026 revenue reached $116.6 million, up 283.1% from a year earlier, compared with $79 million for all of 2025. Enterprise services generated $73.9 million, or 63.4% of total revenue. That mix indicates that its current business is materially oriented toward enterprise purchasing rather than consumer subscriptions or model demonstrations alone. Bloomberg’s reporting on the growth rate aligns with the company’s interim financial disclosure.

Model capabilities are entering paid workflows

MiniMax released M3 in June and reported a context window of up to one million tokens alongside self-reported coding, tool-use and agent benchmarks. A model release alone does not establish commercialization, but enterprise services now making up most revenue provides an operating signal that model capabilities are being embedded in customer workflows. Gross margin rose from 12.1% to 17.9%, although R&D expense also climbed to $296.9 million, leaving growth dependent on continued investment.

The focus shifts to growth quality

For investors and enterprise buyers, the next question is less whether MiniMax can release a stronger model than whether enterprise revenue can sustain growth while supporting further margin expansion. The pressure case is clear: SCMP, citing Bloomberg-compiled analyst estimates, said first-half revenue represented roughly 32% of the $363.77 million full-year expectation. Anthropic has also alleged capability-extraction activity involving MiniMax, though that allegation is not a regulatory finding.

What to watch next

The next observable signals are enterprise-service growth and mix in MiniMax’s next financial release, further gross-margin movement, and whether R&D expense and adjusted losses begin to narrow. Stronger second-half revenue approaching the annual expectation alongside improving margins would reinforce the enterprise-monetization claim. Slower growth and a further widening loss would weaken it.

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