MiniMax Closes $2 Billion Funding Round, Pledges CEO Pay Cut and Open-Model Releases
Hong Kong-listed artificial intelligence startup MiniMax closed a new $2 billion funding round that was 7x oversubscribed, attracting more than 100 investors including global sovereign wealth funds and long-term funds. The capital raise involves a combination of new shares and approximately $830 million in convertible bonds due 2027.
On the same day new shares began trading following a lock-up expiry, the company’s shares dropped 18% before falling another 12%. Alongside the capital raise, CEO Junjie Yan pledged to forgo his salary until the company reaches artificial general intelligence and committed an additional 1% of the company to support the open-source community. Yan also confirmed that MiniMax will continue releasing frontier open-weight models.
From the sources (18 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…
@zephyr_z9RT @teortaxesTex: > Starting today, and until the day we reach AGI, I will no longer receive any compensation from the company. MiniMax CE…
@zephyr_z9Skin in the game
@zephyr_z9Minimax's license is already non-commercial They will open-source the weights
@tekniumRT @RyanLeeMiniMax: At least for MiniMax, we will keep release frontier open weight Model
@thezachmuellerRT @RyanLeeMiniMax: At least for MiniMax, we will keep release frontier open weight Model
@minimax_aiRT @RyanLeeMiniMax: At least for MiniMax, we will keep release frontier open weight Model
@techmemeMemo: MiniMax CEO Junjie Yan tells employees he will forgo his salary until MiniMax achieves AGI and promises to allocate personal shares to employee incentives (@juroosawa / The Information) (Visit Techmeme dot com for the link and full c