Open-source AI model developer MiniMax raises $2B in funding
MiniMax Group Inc., a Shanghai-based artificial intelligence developer, is raising $2 billion in funding.
Bloomberg reported on Thursday that more than half the funds are expected to come from the sale of newly issued shares. According to the publication, the company will raise the remaining capital by issuing convertible bonds. Those are debt instruments that investors can turn into stock.
Shares of MiniMax closed 9.8% lower on the news today. The company listed its shares in Hong Kong earlier this year through a public offering that raised about $619 million.
MiniMax develops an eponymous series of open-source large language models. The company debuted its newest algorithm, MiniMax-M3, in June. It features 427 billion parameters and can process prompts that contain up to 1 million tokens.
