MiniMax Hits $4B Valuation with Shanghai State Capital Backing
MiniMax Secures $300M Funding at $4B Valuation
Chinese artificial intelligence company MiniMax has completed a new funding round of nearly $300 million, pushing its post-money valuation to over $4 billion, according to sources close to the deal. The financing, which took six months to finalize, introduces Shanghai State-owned capital as a significant new shareholder - the company's first investment from state-backed entities.
Strategic Investors Join Round
The investment consortium includes:
- Major state-owned capital platforms
- Several listed companies
- Cross-border investment funds
This landmark deal positions MiniMax as one of only two Chinese large language model companies with valuations exceeding $3 billion, alongside rival Zhipu Company.
Founder Background and Previous Funding
Founded in 2021 by Yan Junjie, former vice president of AI giant SenseTime, MiniMax has demonstrated remarkable fundraising capabilities:
- Series B: $600M from Alibaba
- Series A: $250M from Tencent Capital
- Early investors include prominent firms like Yunchi Capital, Hillhouse Capital, IDG, Mingshi Capital, and game developer miHoYo
Potential IPO on Horizon
Bloomberg reported in June that MiniMax is preparing for a potential listing on the Hong Kong Stock Exchange, though the company has not officially confirmed these plans.
The company declined to comment on this latest funding round when contacted by media outlets.
Key Points:
- MiniMax valuation surpasses $4B after $300M funding round
- First state capital investment from Shanghai government entities
- Joins exclusive club of Chinese AI firms valued over $3B
- Strong backing from tech giants Alibaba and Tencent in previous rounds
- Potential Hong Kong IPO under consideration