MiniMax Raises $2 Billion in Funding Round as CEO Vows Zero Salary Until AGI
Hong Kong-listed artificial intelligence startup MiniMax has closed a new $2 billion financing round that was 7 times oversubscribed, drawing more than 100 investors including global sovereign wealth funds. Chief executive Ryan Lee pledged to take zero compensation from the company until the achievement of artificial general intelligence, alongside a commitment to dedicate 1% of the firm’s equity to open-source AI development.
The funding announcement was made on the same day MiniMax stock fell 18% following the expiry of a lock-up period, with shares declining another 12% the following day. Bloomberg News previously reported the deal terms, which originally targeted an initial raise of up to $1.9 billion through the sale of 35.6 million shares priced at roughly $34 each and approximately $830 million in convertible bonds maturing in 2027.
From the sources (11 posts)
@businessMiniMax is looking to raise as much as HK$14.54 billion ($1.9 billion) from selling new shares and convertible bonds, according to terms of the deals seen by Bloomberg News
@minimax_aiRT @ModelScope2022: Huge congratulations to @MiniMax_AI on the $2B financing milestone! 🚀 MiniMax’s CEO has committed 1% of the company’s…
@teortaxestex> Starting today, and until the day we reach AGI, I will no longer receive any compensation from the company. MiniMax CEO decided to min himself to max the company… I welcome the commitment
@techmemeMiniMax is looking to raise as much as $1.9B by selling 35.6M shares at ~$34 each and offering ~$830M in convertible bonds due 2027 (Bloomberg) (Visit Techmeme dot com for the link and full context!)
@vllm_project@RyanLeeMiniMax Congratulations to the @MiniMax_AI team. Excited to see this strong commitment to open source and the broader AI ecosystem. 🚀 Looking forward to building the future of AI together. 🤝
@yicaichinaMiniMax has bagged HKD16 billion (USD2 billion) in a new fundraiser that was seven times oversubscribed, attracting over 100 investors, including global sovereign wealth funds, long-term funds, leading Chinese institutions, and top multi-st
@ziv_ravidVery impressive! The commitment to open source is very cool!
@minimax_aiToward the end of the sky, and beyond.
@poezhao0605MiniMax, a Hong Kong-listed AI startup, dropped 18% on day one of its lock-up expiry. Day two: another 12%. Same day: $2 billion from sovereign funds. 7x oversubscribed. The CEO pledged zero salary until AGI. Lock-up selloffs are mechanic
@adinayakup• Another 1% will be committed to supporting the open-source community. --------------------- Love to see MiniMax keep investing in open source🥳
@dan_jeffries1RT @RyanLeeMiniMax: I’m incredibly excited to share this: MiniMax has just closed a new $2B funding round. 🚀 At the same time, our CEO, I…