# model training costs

MiniMax Grows Fast but Bleeds Cash: $79m Revenue, $1.87bn Loss in FY2025 as International Sales Dominate

MiniMax posted $79 million in revenue for fiscal 2025, up 158.9% year‑on‑year, but recorded a net loss of $1.87 billion. The company has scaled rapidly — serving 236 million users and 214,000 enterprise customers across 200+ countries — yet faces the challenge of turning global reach into profitable, repeatable revenue.