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News  ›  Benzinga

Alibaba Backs OpenAI's Chinese Rival MiniMax In New IPO

Benzinga Logo Benzinga • •By Anusuya Lahiri
Alibaba Backs OpenAI's Chinese Rival MiniMax In New IPO

Chinese AI startup MiniMax is preparing for a Hong Kong IPO in January 2026, targeting to raise at least $492 million with a valuation of approximately $6.5 billion. Alibaba and Abu Dhabi Investment Authority are anchoring the deal as cornerstone investors. MiniMax positions itself as a rival to OpenAI and will compete with other domestic AI contenders like Zhipu AI.

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BABA   positive

Alibaba is anchoring MiniMax's IPO as a cornerstone investor with approximately $350 million commitment, demonstrating confidence in the AI startup and strategic investment in the growing Chinese AI sector.