AI 导读
MiniMax 8 月 ARR 突破 8 亿美元，企业客户贡献超过 80%；开放平台企业服务同比增长 703%，7 月 token 用量达到 1 月的 20 倍。M3 和 H3 正在适配国产芯片，国内大型集群即将承接线上生产流量，训练 ETTR 已达 97%。M3.1 计划在 2026 年下半年推出，接近 3T 的 M3 Pro 正在推进中，花旗将其目标价从 HK$533 上调至 HK$576。
正文
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：@thexpin · x.com