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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.