MiniMax上半年营收增283%至1.166亿美元，毛利率仍落后同行

MiniMax lifted first-half revenue 283% to $116.6M

Gross margin improved from 12.1% to 17.9%, but adjusted net loss more than doubled to $293M and R&D spending reached $296.9M.

However, MiniMax is well behind all three on gross margin. OpenAI was at about 39% at the end of Q1 2026, up from 33% for 2025, and reportedly wants to reach 52% by year-end. Its biggest direct cost is inference compute.

DeepSeek is especially interesting. Its overall gross margin was 44.6%, already about 2.5 times MiniMax's margin, while the specific business of selling model access through its API reached 82.9%.

Anthropic reported roughly 40% gross margin for 2025 and is forecasting as much as 63% for 2026.

There is one important accounting wrinkle: these figures are not perfectly apples-to-apples. OpenAI includes inference costs associated with its huge population of nonpaying ChatGPT users in its cost base, while Anthropic's reported methodology focuses on inference for paying users. So including free-user inference would considerably reduce Anthropic's margin.