MiniMax: H1 Revenue Hits $116.6M on Enterprise Shift

MiniMax posted H1 revenue of $116.6M, up 283.1% YoY, with open platform and enterprise AI services jumping 703.1% to $73.9M and now comprising 63.4% of total revenue versus 30.3% last year. July token consumption reached 20 times January levels while August ARR cleared $800M, reframing the company as a scaled inference provider rather than pure application play. Analysts tracking MiniMax AI inference costs vs revenue per token historical benchmarks note the pivot aligns with broader AI model companies enterprise API monetization case studies where durable enterprise demand and margin expansion now drive valuation over consumer metrics.