MiniMax's Market Cap Exceeds Baidu Two Months After Listing; Feb ARR Hits $150 Million

MiniMax (00100.HK) closed up over 22% today, with a total market cap of HK$382.64 billion, surpassing Baidu (HK$332.22 billion on the same day) for the first time. The AI company listed on the Hong Kong Stock Exchange on January 9, 2026, and exceeded Baidu's market cap just two months later.

MiniMax's first annual report after listing shows its 2025 full-year revenue was $79.04 million, up 158.9% year-on-year, with gross margin rising to 25.4%. In February 2026, its ARR exceeded $150 million, and the daily Token consumption of its M2 series text models was over six times that of December last year. Founder Yan Junjie said the company will shift from a 'big model company' to an 'AI-era platform company'.