BRIEFINGS · AI models and laboratories
MiniMax first-half revenue rises 283.1% to US$116.6 million while loss continues
MiniMax reported first-half revenue of US$116.6 million, up 283.1%, a loss of US$358.0 million, and a cash balance of US$1,322.8 million at 30 June.
On 26 August 2026 MiniMax, a Chinese AI model maker, reported first-half revenue of US$116.6 million, up 283.1%, and a loss for the period of US$358.0 million, against US$402.2 million a year earlier. The fair value loss on financial liabilities, which the company adds back in its adjusted figure, fell from US$253.9 million to US$31.0 million. Open Platform and other AI-based enterprise services brought in US$73.9 million and AI-native products US$42.6 million. It cited rapidly increasing demand for model inference. Adjusted net loss was US$293.0 million (US$138.7 million a year earlier). Its US$1,322.8 million cash balance at 30 June includes US$347.5 million of fair-value assets (MiniMax HKEX announcement and MarketScreener).
Why we file it. A model maker says demand for running its AI models is surging.
How we read it. Sales jumped. The reported loss narrowed while the adjusted loss widened.
Why it matters to you: it shows how costly it is to build AI models.
What this doesn't prove
Company figures: the company is loss-making. The reported loss was US$358.0 million, down 11.0% from US$402.2 million, and the fair value loss on financial liabilities fell from US$253.9 million to US$31.0 million. Adjusted net loss was US$293.0 million (US$138.7 million a year earlier). The US$1,322.8 million cash balance includes US$347.5 million of fair-value assets (cash and cash equivalents US$930.9 million).
Next fixture
- Whether revenue growth narrows the loss as R&D spending rises.
Sources
- Interim Results, Six Months to June 202626 August 2026
Every figure above comes from these sources. Every briefing is checked against its sources before it publishes. Nothing here is a recommendation to buy or sell anything, and this is not investment advice. See the disclosures.
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