Shanghai-based AI startup MiniMax said in a Hong Kong filing on August 27 that it raised the three-year cap on its cloud-computing deals with Alibaba by 220% to US$1.2 billion.

The increase came after it used about two-thirds of its 2025 budget by June 30.

MiniMax plans to spend up to US$300 million on Alibaba Cloud services in 2025, up from US$115 million.

It also raised its annual spending caps to US$400 million for 2027 and US$500 million for 2028.

Separately, MiniMax raised its 2026 application programming interface (API) services cap with Alibaba to US$7.5 million from US$650,000, bringing its three-year API spending ceiling to US$62.5 million.

MiniMax, an Alibaba-backed company that raised US$618 million in a Hong Kong initial public offering, also said first-half revenue rose 283% to US$116.6 million.

The higher spending reflects MiniMax’s growing demand for computing power for AI model training and live inference as Chinese AI developers expand their services.

🔗 Source: South China Morning Post

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