MiniMax, a Shanghai-based AI startup, said its annualized revenue has more than doubled over the past two months to at least US$300 million.

The company is also preparing to launch its M3 model for developers and enterprise customers.

Co-founder and president Yun Yeyi said annual recurring revenue, a measure of expected future sales, exceeded the company’s internal forecast after the mid-March release of its M2.7 model.

Users of MiniMax’s enterprise AI services also rose more than 5x to more than 1 million from six months earlier.

MiniMax reported US$150 million in annual recurring revenue in February.

The company competes with Chinese peers including DeepSeek and Moonshot AI.

Yun also said MiniMax’s revenue is now split roughly evenly between its AI-native products and enterprise services, compared with about 70-30 last year.

🔗 Source: Bloomberg