# MiniMax seeks to raise $2B through share and bond sales as AI funding race heats up > Source: > Published: 2026-07-09 16:44:27+00:00 # MiniMax seeks to raise $2B through share and bond sales as AI funding race heats up The Shanghai-based generative AI startup is tapping public markets again just months after its blockbuster Hong Kong IPO MiniMax Group, the Chinese generative AI company that saw its shares double on their first day of trading earlier this year, is going back to the well. The Shanghai-based startup plans to raise up to HK$14.54 billion, roughly $2 billion, through a combination of new share issuances and convertible bond sales. ## The fundraising playbook The capital raise has two distinct components. The first is a convertible bond offering worth HK$6.5 billion, carrying a 2.75% coupon rate. Those bonds come with a conversion price of HK$335 per share, representing a 25% premium over the HK$268 reference price. The remainder of the HK$14.54 billion target would come from new share sales. Together, the dual-track approach gives MiniMax flexibility to attract both equity-hungry investors and those who prefer the relative safety of fixed-income instruments with upside potential. ## From private darling to public fundraiser Founded in 2021, the company attracted backing from China’s biggest tech names, including Alibaba and Tencent. A $600 million funding round in March 2024, led by Alibaba, valued MiniMax at $2.5 billion. By July 2025, a roughly $300 million extension pushed that valuation to $4 billion. MiniMax priced its Hong Kong listing at HK$165 per share on January 8-9, 2026, selling 29.2 million shares and raising HK$4.82 billion, approximately $619 million. The market’s response was emphatic: shares surged 109% on debut, closing at HK$345. After the lock-up period expired, MiniMax shares dropped roughly 18%. Trading volume on that day hit HK$6.84 billion. Shares closed at HK$297.4 following the sell-off. ## Why $2 billion, and why now MiniMax specializes in developing large language models and multimodal AI systems, both of which are extraordinarily capital-intensive endeavors. US chip export restrictions have made it harder and more expensive for Chinese AI companies to access the most advanced semiconductors. When your January IPO raised about $619 million and you’re already back for another $2 billion six months later, the message is clear: the capital requirements for staying competitive in AI are accelerating faster than even bullish projections anticipated. ## What this means for investors With both Alibaba and Tencent as backers, MiniMax sits at the intersection of China’s biggest tech ecosystems. The company went from a $2.5 billion private valuation in early 2024 to a $4 billion valuation by mid-2025, then saw its market cap briefly exceed that on IPO day before settling back down after the lock-up expiry. **Disclosure:** This article was edited by Editorial Team. For more information on how we create and review content, see our [Editorial Policy](https://cryptobriefing.com/editorial-policy/).