MiniMax Group Inc posted first-half 2026 revenue of approximately $116.6 million, a 283% year-over-year increase, though top-line growth remains off pace to hit full-year analyst expectations14. Revenue for the six months ended June 30 accounted for roughly 32% of the $363.77 million analysts expect for full-year 2026, according to estimates compiled by Bloomberg.
The growth rate accelerated from the 159% year-over-year expansion MiniMax recorded for full-year 20251. Enterprise revenue drove the results, with business-to-business revenue jumping 700% and overtaking consumer revenue for the first time3.
The Shanghai-based company also raised HK$16.04 billion last month2. Gross margin rose during the period, and the company narrowed its loss, according to TradingView11. A separate Dealroom headline, however, reported that losses more than doubled4.
MiniMax's commercial momentum comes despite a gap in model competitiveness. Bloomberg reported that MiniMax M3 lags behind rivals, citing Z.ai's GLM-5.2 Full Open Source as one benchmark. MiniMax was described as trailing rivals such as Z.ai in releasing top-tier large language models. Z.ai separately confirmed on August 26 that it created Ox Alpha, the anonymous model that topped OpenRouter's leaderboard, and said it would release the model's weights[1].
ANALYSIS The revenue composition shift — B2B overtaking consumer for the first time — marks a structural change in MiniMax's business mix, even as the absolute revenue run rate leaves the company short of the pace needed to meet full-year consensus. The tension between accelerating commercial traction and a model portfolio that trails direct competitors like Z.ai underscores a divergence between MiniMax's go-to-market execution and its position on the frontier model ladder.