MiniMax通过港交所聆讯，冲刺“最快IPO”AI独角兽

中时财经2025-12-22

中时财经原创出品作者：沈阳编辑：张丽敏制图：乔寒云全球通用人工智能科技公司MiniMax（以下简称“上海稀宇科技”）通过港交所聆讯，12月21日，MiniMax披露了聆讯后资料集，若成功上市，MiniMax将成为从成立到IPO历时最短的AI公司。其官方信息显示，MiniMax自2022年初成立，自主研发了一系列多模态通用大模型，包括MiniMax M2、Hailuo 2.3、Speech ...

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Audio、星野等，以及面向企业和开发者的开放平台。从营收数据来看，2023年、2024年以及2025年前三季度的营收分别为346万美元、3052.3万美元、5343.7万美元，2024年营收较2023年同比增长782.2%，2025年前9个月营收同比增长174.7%。知名经济学者、工信部信息通信经济专家委员会委员盘和林在接受中国经济时报·中时财经采访时谈道，MiniMax快速成长背后是因为全球AI爆火，受到资本青睐，而国内资本市场也就此为AI初创企业打开融资之门，从而让MiniMax既享受了AI行业风口红利，也享受中国股市资本繁荣的红利。当前，大模型市场正以前所未有的速度发展，并迅速重塑人类社会。全球大模型市场规模预计2030年将超过3000亿美元。IDC预计，到2030年人工智能将累计为全球经济贡献19.9万亿美元，并推动2030年全球GDP增长3.5%。招股书显示，截至2025年9月30日，MiniMax的AI原生产品已经累计为来自超过200个国家和地区的逾2亿名个人用户，以及来自超过100个国家和地区的10万余名企业及开发者提供服务。目前，MiniMax的收入主要有两大来源，一是AI原生产品；二是开放平台及其他基于AI的企业服务。2025年前三个季度，其AI原生产品的营收为3802万美元，占总营收的比重为71.1%；来自开放平台及其他基于AI的企业服务的营收为1541.7万美元，占总营收的比重为28.9%。不过，当前，MiniMax仍然处于亏损状态。2023年、2024年以及2025年前三季度的亏损分别为2.69亿美元、4.65亿美元、5.12亿美元。就亏损等相关问题，中国经济时报·中时财经联系了MiniMax方面，截至发稿，对方并未做出回应。在招股书中，MiniMax称这是由于在大模型研究与开发及AI基础设施方面的重大初始投资以及金融负债公允价值亏损。不过，盘和林表示，这种亏损是否可控，要看企业未来能否落地AI应用，并实现变现。实际上，MiniMax已经受到多家机构的投资，包括阿里巴巴、米哈游、IDG、腾讯等。对此，盘和林表示：“很多巨头在AI领域是全投模式，并且他们自己也有AI内部团队。所以我认为这是各家科技投资机构广泛参与AI投资的结果。这些企业的融资会增强二级市场对企业的估值预期，并帮助企业获得更宽阔的融资渠道。”理性｜客观｜独到总监制丨王列军  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