![\"MiniMax\u6ca1\u75af\uff0c\u5e02\u573a\u75af\u4e86\"](\"https:\/\/x0.ifengimg.com\/ucms\/2026_10\/C8A3DA9205529DFFF49B127441EC4C721255A2F8_size52_w856_h480.jpg\")
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MiniMax \u6ca1\u75af\uff0c\u5e02\u573a\u75af\u4e86\u3002<\/p>\n
\u4e0a\u4e2a\u6708\uff0c\u6295\u8d44<\/a>\u8005 AI \u4fe1\u4ef0\u7684\u5145\u503c\u529b\u5ea6\u628a\u6e2f\u80a1\u7838\u61f5\u4e86\uff1aMiniMax \u80a1\u4ef7\u4e8e 2 \u6708 20 \u65e5\u6700\u9ad8\u89e6\u53ca 980 \u6e2f\u5143 \/ \u80a1\uff0c\u603b\u5e02\u503c\u4e00\u5ea6\u7a81\u7834 3200 \u4ebf\u6e2f\u5143\u2014\u2014\u4ee5 IPO<\/a> \u53d1\u884c\u4ef7 165 \u6e2f\u5143 \/ \u80a1\u4e3a\u57fa\u51c6\uff0c\u4e0a\u5e02<\/a>\u4e00\u4e2a\u591a\u6708\u6700\u9ad8\u6da8\u5e45\u8fbe 493.94%\uff1b<\/strong>\u5373\u4fbf\u7ecf\u5386\u56de\u8c03\uff0c3 \u6708 3 \u65e5\u6536\u76d8\u4ecd\u4ee5 2574 \u4ebf\u6e2f\u5143\u5e02\u503c\u4f4d\u5217\u6e2f\u80a1\u7b2c\u4e94\u5927\u79d1\u6280\u80a1\uff0c\u4e0e\u8001\u724c\u5de8\u5934\u767e\u5ea6<\/a>\u3001\u4eac\u4e1c<\/a>\u4ec5\u4e00\u6b65\u4e4b\u9065\u3002<\/p>\n MiniMax \u80fd\u5728\u4e8c\u7ea7\u5e02\u573a\u6276\u6447\u76f4\u4e0a\uff0c\u6838\u5fc3\u903b\u8f91\u6709\u4e24\u70b9\uff1a\u5176\u4e00\uff0c\u5b83\u662f\u6e2f\u80a1\u5e02\u573a\u6781\u5ea6\u7a00\u7f3a\u7684\u201c\u7eaf AI \u539f\u751f\u6807\u7684\u201d\uff0c\u5168\u7403 AI \u4ea7\u4e1a\u9ad8\u666f\u6c14\u5468\u671f\u4e0b\uff0c\u6807\u7684\u4f9b\u7ed9\u7a00\u7f3a\u4e0e\u5e02\u573a\u8d44\u91d1\u9700\u6c42\u65fa\u76db\u5f62\u6210\u4f9b\u9700\u9519\u914d\uff0c\u662f\u5176\u4f30\u503c\u6ea2\u4ef7\u7684\u6838\u5fc3\u652f\u6491\uff1b\u5176\u4e8c\uff0c\u5bf9\u6807\u5168\u7403\u4f30\u503c 8400 \u4ebf\u7f8e\u5143\u7684 OpenAI<\/a>\u30013800 \u4ebf\u7f8e\u5143\u7684 Anthropic\uff0cMiniMax \u5e02\u503c\u66b4\u6da8\uff0c\u672c\u8d28\u662f\u8d44\u672c\u5e02\u573a\u5bf9\u4e2d\u56fd AI \u4f01\u4e1a\u5168\u7403\u5316\u7a81\u56f4\u7684\u4e50\u89c2\u9884\u671f\u4e0e\u4fe1\u4ef0\u52a0\u6301\u3002<\/strong><\/p>\n \u5982\u679c\u8bf4 MiniMax \u7684\u5e02\u503c\u72c2\u98d9\u6e90\u4e8e\u5e02\u573a\u60c5\u7eea\u5f15\u7206\uff0c\u90a3\u4e48\u5176\u4e0a\u5e02\u540e\u7684\u9996\u4efd\u8d22\u62a5\uff0c\u6070\u597d\u4e3a\u8fd9\u573a\u72c2\u6b22\u63d0\u4f9b\u4e86\u57fa\u672c\u9762<\/a>\u652f\u6491\u3002<\/p>\n 3 \u6708 2 \u65e5\uff0c\u9876\u7740\u5927\u6a21\u578b\u201c\u65b0\u738b\u201d\u5149\u73af\u7684 MiniMax\uff0c\u5411\u5e02\u573a\u9012\u4e0a 2025 \u5e74\u5168\u5e74\u8d22\u62a5\u3002\u4e4d\u770b\u4e4b\u4e0b\uff0c\u8d22\u62a5\u6700\u5438\u775b\u7684\u6570\u5b57\u662f\u51c0\u4e8f\u635f 18.72 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u6269\u5927 302.3%\u3002\u4f46\u8fd9\u672c\u8d28\u662f\u4f1a\u8ba1\u51c6\u5219\u4e0b\u7684\u201c\u7eb8\u9762\u4e8f\u635f\u201d\u2014\u201418.72 \u4ebf\u7f8e\u5143\u51c0\u4e8f\u635f\u4e2d\uff0c15.9 \u4ebf\u7f8e\u5143\u6765\u81ea\u91d1\u878d\u8d1f\u503a\u516c\u5141\u4ef7\u503c\u53d8\u52a8\u4e8f\u635f\uff0c\u8fd9\u662f\u516c\u53f8\u4e0a\u5e02\u524d\u53d1\u884c\u7684\u4f18\u5148\u80a1\u56e0\u4f30\u503c\u4e0a\u6da8\u4ea7\u751f\u7684\u516c\u5141\u4ef7\u503c\u91cd\u65b0\u8ba1\u91cf\uff0c\u5c5e\u4e8e\u975e\u73b0\u91d1\u8d26\u9762\u635f\u5931\uff0c\u4e0d\u5f71\u54cd\u516c\u53f8\u5b9e\u9645\u7ecf\u8425\u73b0\u91d1\u6d41\u3002<\/p>\n \u5254\u9664\u4f18\u5148\u80a1\u516c\u5141\u4ef7\u503c\u53d8\u52a8\u3001\u80a1\u4efd\u652f\u4ed8\u8d39\u7528\u3001\u4e0a\u5e02\u5f00\u652f\u7b49\u975e\u7ecf\u8425\u6027\u9879\u76ee\u540e\uff0cMiniMax 2025 \u5e74\u7ecf\u8c03\u6574\u51c0\u4e8f\u635f\u4ec5 2.51 \u4ebf\u7f8e\u5143\uff0c\u4e8f\u635f\u7387\u8f83\u4e0a\u5e74\u540c\u671f\u5927\u5e45\u6536\u7a84\uff0c\u91ca\u653e\u51fa\u7ecf\u8425\u6539\u5584\u7684\u79ef\u6781\u4fe1\u53f7\u3002<\/p>\n \u62e8\u5f00\u8d26\u9762\u4e8f\u635f\u7684\u8ff7\u96fe\u540e\uff0cMiniMax \u8d22\u62a5\u7684\u201c\u771f\u5b9e\u4e09\u56f4\u201d\u4fbf\u4f1a\u6e05\u6670\u6d6e\u73b0\u3002<\/p>\n \u6536\u5165\u575a\u633a<\/strong><\/p>\n 2025 \u5e74\uff0cMiniMax \u603b\u6536\u5165 7904 \u4e07\u7f8e\u5143\uff0c\u540c\u6bd4\u5927\u589e 158.9%\uff0c\u8d85\u51fa\u5927\u6469<\/a>\u3001\u745e\u94f6\u9884\u671f\uff0c\u589e\u901f\u9886\u8dd1\u5168\u7403\u5927\u6a21\u578b\u884c\u4e1a\u2014\u2014\u8fd9\u4e0d\u4ec5\u5370\u8bc1\u4e86\u4e1a\u52a1\u57fa\u672c\u9762\u7684\u575a\u633a\uff0c\u66f4\u5c55\u73b0\u51fa C+B \u53cc\u8f6e\u9a71\u52a8\u6536\u5165\u7ed3\u6784\u7684\u5f3a\u97e7\u6027\u3002<\/p>\n \u62c6\u5206\u4e1a\u52a1\u6765\u770b\uff0cAI \u539f\u751f\u4ea7\u54c1\u4f5c\u4e3a\u4e1a\u52a1\u57fa\u672c\u76d8\uff0c\u6536\u5165\u8fbe 5308 \u4e07\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 143.4%\uff0c\u5360\u603b\u8425\u6536\u7684 67.2%\u3002\u8fd9\u90e8\u5206\u6536\u5165\u4e3b\u8981\u6765\u81ea\u6d77\u87ba AI\u3001Talkie \/ \u661f\u91ce\u3001MiniMax Agent \u7b49\u4ea7\u54c1\uff0c\u8986\u76d6 AI \u89c6\u9891\u521b\u4f5c\u3001AI \u60c5\u611f\u966a\u4f34\u3001AI \u751f\u4ea7\u529b\u5de5\u5177\u4e09\u5927\u6838\u5fc3\u573a\u666f\uff0c\u7d2f\u8ba1\u670d\u52a1\u5168\u7403\u8d85 2.36 \u4ebf\u4e2a\u4eba\u7528\u6237\uff0c\u8986\u76d6 200 \u591a\u4e2a\u56fd\u5bb6\u548c\u5730\u533a\u3002<\/p>\n \u81f3\u4e8e\u5f00\u653e\u5e73\u53f0\u53ca\u5176\u4ed6 AI \u4f01\u4e1a\u670d\u52a1\uff0c\u6536\u5165\u8fbe 2596 \u4e07\u7f8e\u5143\uff0c\u540c\u6bd4\u6fc0\u589e 197.8%\uff0c\u5360\u603b\u8425\u6536\u7684\u6bd4\u91cd\u4ece 2024 \u5e74\u7684 28.6% \u63d0\u5347\u81f3 32.8%\u3002\u622a\u81f3 2025 \u5e74\u5e95\uff0c\u5df2\u670d\u52a1\u5168\u7403\u8d85 100 \u4e2a\u56fd\u5bb6\u548c\u5730\u533a\u7684 21.4 \u4e07\u4f01\u4e1a\u5ba2\u6237\u53ca\u5f00\u53d1\u8005\uff0cGoogle Vertex AI\u3001\u5fae\u8f6f<\/a> Azure AI Foundry\u3001Notion \u7b49\u5e73\u53f0\u5747\u5df2\u90e8\u7f72 MiniMax \u6a21\u578b\uff0cOpenCode\u3001Kilo Code \u66f4\u662f\u5c06\u5176\u5217\u4e3a\u9996\u9009\u6a21\u578b\u3002<\/p>\n \u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0cMiniMax \u7684\u6536\u5165\u7ed3\u6784\u5df2\u5b9e\u73b0\u6df1\u5ea6\u5168\u7403\u5316\u30022025 \u5e74\uff0c\u516c\u53f8\u6d77\u5916\u5e02\u573a\u6536\u5165\u8fbe 5766 \u4e07\u7f8e\u5143\uff0c\u5360\u603b\u6536\u5165\u7684 73%\uff0c\u5f7b\u5e95\u6539\u5199\u56fd\u4ea7\u5927\u6a21\u578b\u7684\u51fa\u6d77\u53d9\u4e8b\uff0c\u5728\u5168\u7403\u5e02\u573a\u5b9e\u73b0 AI \u6280\u672f\u7684\u53cd\u5411\u8f93\u51fa\u3002<\/p>\n \u4e0e\u6b64\u540c\u65f6\uff0cMiniMax CEO \u95eb\u4fca\u6770\u5728\u8d22\u62a5\u7535\u8bdd\u4f1a\u4e0a\u62ab\u9732\u7684\u4e09\u7ec4\u6570\u636e\uff0c\u66f4\u8ba9\u5e02\u573a\u4e3a\u4e4b\u75af\u72c2\uff1a<\/p>\n \u516c\u53f8\u5728 2 \u6708\u7684\u5e74\u5316\u7ecf\u5e38\u6027\u6536\u5165\uff08ARR\uff09\u5df2\u7a81\u7834 1.5 \u4ebf\u7f8e\u5143\uff0c\u662f 2025 \u5e74\u5168\u5e74\u8425\u6536\u8fd1 2 \u500d\uff1b<\/p>\n M2 \u7cfb\u5217\u6587\u672c\u6a21\u578b 2 \u6708\u5e73\u5747\u5355\u65e5 Token \u6d88\u8017\u91cf\u589e\u81f3 2025 \u5e74 12 \u6708\u7684 6 \u500d\u4ee5\u4e0a\uff0c\u5176\u4e2d\u7f16\u7a0b\u573a\u666f\u7684 Token \u6d88\u8017\u91cf\u589e\u957f\u8d85 10 \u500d\uff1b<\/p>\n \u5f00\u653e\u5e73\u53f0 2 \u6708\u65b0\u6ce8\u518c\u7528\u6237\u6570\u8fbe\u5230 2025 \u5e74 12 \u6708\u7684 4 \u500d\u4ee5\u4e0a\u3002<\/p>\n \u8fd9\u610f\u5473\u7740\uff0c2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0cMiniMax \u7684\u4e1a\u7ee9<\/a>\u589e\u957f\u975e\u4f46\u6ca1\u6709\u653e\u7f13\uff0c\u53cd\u800c\u5448\u73b0\u6307\u6570\u7ea7\u6500\u5347\u3002<\/p>\n \u6bdb\u5229\u7387\u7ffb\u500d<\/strong><\/p>\n \u81f3\u4e8e\u6bdb\u5229\u7387\u8868\u73b0\uff0c\u5f80\u5f80\u88ab\u89c6\u4f5c\u5927\u6a21\u578b\u4f01\u4e1a\u5e95\u5c42\u5de5\u7a0b\u80fd\u529b\u4e0e\u6280\u672f\u4f18\u5316\u7684\u663e\u6027\u6307\u6807\u3002<\/p>\n 2025 \u5e74\uff0cMiniMax \u5b9e\u73b0\u6bdb\u5229 2008 \u4e07\u7f8e\u5143\uff0c\u8f83 2024 \u5e74\u7684 374 \u4e07\u7f8e\u5143\u66b4\u6da8 437.2%\uff0c\u589e\u5e45\u8fdc\u8d85\u6536\u5165\u589e\u901f\uff1b\u6bdb\u5229\u7387\u4ece 2024 \u5e74\u7684 12.2% \u5927\u5e45\u63d0\u5347\u81f3 25.4%\uff0c\u5b9e\u73b0\u7ffb\u500d\u5f0f\u589e\u957f\u3002<\/p>\n \u864e\u55c5\u7814\u7a76\u53d1\u73b0\uff0c\u5176\u6bdb\u5229\u7387\u5927\u5e45\u8dc3\u5347\u7684\u6838\u5fc3\u539f\u56e0\u6709\u4e24\u70b9\uff1a\u4e00\u662f\u6a21\u578b\u67b6\u6784\u4e0e\u7b97\u6cd5\u6301\u7eed\u4f18\u5316\uff0c\u901a\u8fc7 MoE \u67b6\u6784\u3001Lightning Attention \u7b49\u6280\u672f\u521b\u65b0<\/a>\uff0c\u5927\u5e45\u964d\u4f4e\u5355\u6b21\u63a8\u7406\u7684\u7b97\u529b\u6d88\u8017\uff1b\u4e8c\u662f\u57fa\u7840\u8bbe\u65bd\u914d\u7f6e\u6301\u7eed\u4f18\u5316\uff0c\u5b9e\u73b0\u4e86\u8bad\u7ec3\u4e0e\u63a8\u7406\u73af\u8282\u7684\u7b97\u529b\u6548\u7387\u6700\u5927\u5316\u3002<\/p>\n \u8fd9\u4e00\u63a8\u6d4b\u4ece MiniMax \u7535\u8bdd\u4f1a\u62ab\u9732\u6570\u636e\u5f97\u5230\u4e86\u9a8c\u8bc1\u3002\u201c\u622a\u81f3 2026 \u5e74 2 \u6708\uff0cM2 \u7cfb\u5217\u6587\u672c\u6a21\u578b\u6bcf\u767e\u4e07 Token \u63a8\u7406\u7b97\u529b\u6210\u672c\uff0c\u8f83 2025 \u5e74 12 \u6708\u4e0b\u964d\u4e86\u8d85 50%\uff1b\u6d77\u87ba\u89c6\u9891\u751f\u6210\u6a21\u578b\u7684\u63a8\u7406\u5ef6\u8fdf\uff0c\u540c\u671f\u4e5f\u4e0b\u964d\u4e86\u8d85 30%\u3002\u201d\u95eb\u4fca\u6770\u8bf4\u9053\u3002<\/p>\n \u66f4\u5177\u98a0\u8986\u6027\u7684\u662f\uff0c\u6625\u8282\u524d\u53d1\u5e03\u7684 M2.5 \u6a21\u578b\u5c06 AI Agent \u8fd0\u884c\u6210\u672c\u6253\u5230\u4e86\u53ef\u89c4\u6a21\u5316\u843d\u5730\u7684\u4e34\u754c\u70b9\u2014\u2014\u6309\u7167 M2.5 \u6a21\u578b\u6bcf\u79d2 100 Token \u7684\u8f93\u51fa\u901f\u5ea6\uff0c1 \u4e2a Agent \u8fde\u7eed\u8fd0\u884c\u4e00\u5c0f\u65f6\u5e73\u5747\u6210\u672c\u4ec5 1 \u7f8e\u5143\u3002<\/p>\n \u4e5f\u5c31\u662f\u8bf4\uff0c1 \u4e07\u7f8e\u5143\u53ef\u652f\u6491 1 \u4e2a Agent \u4e0d\u95f4\u65ad\u8fd0\u8f6c\u7ea6 416 \u5929\uff1b\u6263\u9664\u8c03\u5ea6\u5197\u4f59\u3001\u8fd0\u7ef4\u5bb9\u9519\u3001\u5cf0\u503c\u6ce2\u52a8\u9884\u7559\u540e\uff0c\u4ecd\u53ef\u5b8c\u6574\u652f\u6491 1 \u4e2a AI Agent \u8fde\u7eed\u8fd0\u884c\u4e00\u6574\u5e74\uff0c<\/strong>\u5f7b\u5e95\u51fb\u7a7f\u4e86 AI Agent \u4ece\u5b9e\u9a8c\u5ba4\u8d70\u5411\u751f\u4ea7\u73af\u5883\u7684\u5546\u4e1a\u58c1\u5792\u3002<\/p>\n \u6240\u4ee5\uff0cM2.5 \u53d1\u5e03\u540e\uff0cToken \u6d88\u8017\u91cf\u51fa\u73b0\u6307\u6570\u7ea7\u589e\u957f\uff0c\u4ec5\u53d1\u5e03\u9996\u5468\u8c03\u7528\u91cf\u5c31\u66b4\u6da8\u81f3 3.07T Tokens\uff0c\u8d85\u8fc7 Kimi K2.5\u3001GLM-5 \u4e0e DeepSeek V3.2 \u4e09\u5bb6\u603b\u548c\u3002<\/p>\n \u6781\u81f4\u4eba\u6548\u6bd4<\/strong><\/p>\n \u8d22\u62a5\u4e2d\u53e6\u4e00\u7ec4\u53cd\u5e38\u6570\u636e\u4e5f\u503c\u5f97\u5173\u6ce8\uff1a2025 \u5e74\uff0cMiniMax \u9500\u552e\u53ca\u5206\u9500\u5f00\u652f\u4ece 2024 \u5e74\u7684 8700 \u4e07\u7f8e\u5143\u964d\u81f3 5190 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