China's large model sector is giving rise to "super unicorns" with global pricing power. On February 26, 2026, according to Securities Times, international financial giant Goldman Sachs released its first report covering the Chinese multimodal AI company MiniMax.

In the report, Goldman Sachs gave MiniMax an extremely high valuation of $38.9 billion (approximately RMB 280 billion) and highly recognized its exceptional cost control capabilities and internationalization strategy.

Core Strengths: The "Price Killer" under the MoE Architecture

MiniMax stands out in global competition mainly due to its extreme optimization of computing efficiency:

Performance Close to the Top: Thanks to its advanced MoE (Mixture of Experts) architecture, MiniMax's model matrix (covering text, video, and audio) has performance that is almost on par with top U.S. competitors.

Extremely Low Calling Cost: Its model calling cost is about 1/10 of that of overseas similar products.

Agent Economy: The operating cost of its AI agents (Agent) has been reduced to $1 per hour. This extreme economy is considered a key factor in promoting large-scale commercialization.

Business Expansion: 70% of Revenue from Overseas

Different from most AI companies focusing on the domestic market, MiniMax has shown strong global competitiveness:

International Gene: Surprisingly, 70% of its total revenue comes from overseas markets, successfully achieving the "reverse export" of Chinese large model technology.

Explosive Growth: According to Goldman Sachs, due to the breadth of its global layout, MiniMax's annual revenue is expected to surge from $750 million in 2025 to $980 million in 2027.

Capital Feedback: Stock Price and Market Value Both Soar

Due to this positive news, MiniMax performed exceptionally well in the secondary market:

New Stock High: The stock price once rose to HK$886, setting a new historical record.

Market Value Soars: The total market value once approached HK$280 billion, firmly placing it in the first tier of domestic AI large models.

Industry Trend Scan

NVIDIA's Financial Report "Outperforms": NVIDIA's latest quarterly report exceeded market expectations, once again confirming the strong global demand for AI computing power.

Luxury Carmakers Lay Off Workers: Due to financial difficulties, a European luxury carmaker announced cutting 20% of its workforce, showing the serious challenges faced by traditional manufacturing during the transformation period.

Short Drama Market Heats Up: Institutional data shows that the scale of China's online short drama market continues to rise, becoming a new growth driver in content consumption.