Chinese AI startup MiniMax has raised HKD 16 billion (roughly $2 billion) in a new funding round that was seven times oversubscribed, attracting more than 100 investors, according to Yicai Global. The round adds to the furious fundraising pace among Chinese AI companies this year, as Beijing pushes to build domestic alternatives to the large language models produced by OpenAI, Anthropic, and Google. MiniMax, which listed on the Hong Kong Stock Exchange in January, is positioning itself as a leading consumer AI company in China. The oversubscription signals strong investor appetite for Chinese AI exposure despite geopolitical tensions that have constrained chip supplies and cloud computing access.
The company has not disclosed specific use of proceeds, but the capital will likely fund model training infrastructure and consumer product expansion.