According to Bloomberg, MiniMax co-founder and President Ye Yi disclosed in a Bloomberg Television interview that the company’s annualized recurring revenue (ARR) has more than doubled in the past two months, reaching at least $300 million, exceeding its own expectations. This growth is primarily driven by the M2.7 model released in mid-March — the number of enterprise service users has increased fivefold compared to six months ago, surpassing one million; the revenue structure has also gradually become more balanced, shifting from the previous roughly 70:30 ratio between AI-native products and enterprise services.
The next key milestone is the launch of the M3 model. MiniMax engineering lead Skyler Miao recently revealed that M3 will adopt a sparse attention mechanism, achieving a 9.7x improvement in prefill speed and a 15.6x improvement in decoding speed for million-token contexts. Ye Yi describes it as “the first open-source native multimodal model”; the company plans an official release in the second half of 2026. MiniMax went public in Hong Kong in January 2026, with shareholders including Tencent, Hillhouse, and miHoYo, but due to aggressive expansion, the company still recorded a net loss of approximately $512 million for the first nine months of 2025.