X.PIN· @thexpin · X·· 2026-08-27AI 评分52
AI 导读
MiniMax 8 月年化收入（ARR）突破 8 亿美元，企业客户贡献超 80%。开放平台企业服务同比增长 703%；7 月 token 使用量达 1 月的 20 倍。M3 和 H3 正在适配中国芯片。大型国内集群即将承载生产流量；训练有效吞吐率（ETTR）已达 97%。M3.1 预计 2026 年下半年发布，近 3T 参数的 M3 Pro 正在推进中。花旗将目标价从 533 港元上调至 576 港元，显示对 MiniMax 增长更有信心。
正文 · 原文
MiniMax’s ARR topped $800M in August, with enterprise clients contributing 80%+. Open-platform enterprise services grew 703% YoY; July token use reached 20x January.
M3 and H3 are being adapted to Chinese chips. Large domestic clusters will soon serve live production traffic; training ETTR has reached 97%.
M3.1 is due in H2 2026, with a near-3T M3 Pro underway. Citi raised its price target from HK$533 to HK$576, signaling stronger confidence in MiniMax’s growth.
来源：X.PIN · x.com