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MiniMax secures $2 billion to advance open-source AI models

MiniMax Group Inc. has raised $2 billion in funding to enhance its open-source AI models, including the newly launched MiniMax-M3.

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THE NBW BRIEF

  • Shanghai-based MiniMax Group Inc. is raising $2 billion, primarily through a share sale and convertible bonds.
  • The company aims to sell $6.5 billion in zero-coupon convertible bonds, offering shares at a 12.6% premium.
  • MiniMax’s latest AI model, MiniMax-M3, boasts 427 billion parameters and significantly boosts processing speeds.

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