MiniMax is preparing for a domestic stock market listing in China as it ramps up competition with fast-growing AI rivals such as DeepSeek in one of the world’s most competitive artificial intelligence markets, according to The Business Times. Regulatory filings indicate that the Shanghai-based company is seeking additional capital to support model development, commercialization, and cloud infrastructure expansion.
MiniMax is among a new generation of Chinese AI firms racing to build and commercialize large language models capable of generating text, images, audio, and video. The company recently reported strong growth in enterprise adoption, with more than one million users of its AI-based business services and annual recurring revenue exceeding $300 million, driven largely by demand for its latest M2.7 model.
The planned listing comes amid an intensifying AI battle in China, where companies including DeepSeek, MiniMax, and others are competing to develop lower-cost alternatives to leading Western AI systems. DeepSeek has emerged as one of MiniMax’s most formidable rivals, attracting global attention with its advanced reasoning models and reported plans for a major fundraising round that could value the company at up to $50 billion.
Industry analysts say China’s AI sector is entering a new phase in which access to capital, computing power, and commercial customers will be as important as model performance. As competition accelerates, firms such as MiniMax are increasingly turning to public markets to fund research, attract talent, and expand globally, positioning China as a major force in the global artificial intelligence race.
