July 15 (Bloomberg) - According to Late Tech, Big Model, Inc. MiniMax A new round of nearly $300 million (note: current exchange rate is approximately RMB 2,152 million)Financingis nearing completion.Post-investment valuation of over $4 billion(current exchange rate is about RMB 28.696 billion). Combined with public information, the domestic large model companies that have reached this valuation are MiniMax and Wisdom Spectrum.
MiniMax closed a round of financing valued at $3 billion late last year. In June, Bloomberg reported that MiniMax was preparing for a Hong Kong IPO.
The Late Tech report also mentions that Smart Spectrum and MiniMax have both started the process of going public. According to public sources, the valuation of Smart Spectrum in the first half of this year has also reached the range of 30 billion yuan.
MiniMax was founded in 2021 by a number of former employees of ShangTech, including John Yan, former vice president of ShangTech and vice president of ShangTech Research Institute.
In June, MiniMax announced the world's first open-source large-scale hybrid architecture for inference model M1, with superb performance over DeepSeek-R1.