- MiniMax shares jumped nearly 24% in Hong Kong trading on Monday, largely driven by a surge in model token usage tied to the viral OpenClaw ecosystem.
- The AI company's annualized recurring revenue soared 50% to $150 million in just two months, prompting bullish calls from Wall Street investment banks.
Shares of MiniMax surged in Hong Kong trading on Monday, skyrocketing 23.77% to close at HK$997 per share.
The rally propelled the artificial intelligence company's market capitalization to HK$312.7 billion, with a massive jump in its model token usage — fueled by the OpenClaw craze — seen as a key driver.
At the start of 2026, an AI agent named OpenClaw went viral within the global developer community, bringing a significant surge in usage for large language AI model vendors.
Earlier today, MiniMax announced the deep integration and official launch of its speech and music model interfaces into the OpenClaw ecosystem, allowing users to unlock custom voices and creative capabilities via API keys.
In a research note earlier this month, Morgan Stanley said that MiniMax's commercialization momentum has far exceeded expectations, with its annualized recurring revenue (ARR) soaring from $100 million to $150 million in just two months.
This represents a staggering increase of over 50%, primarily driven by the explosive growth across multiple business lines on its open platform and the widespread adoption of its coding plan.
Meanwhile, token usage for its M2 model skyrocketed sixfold in February compared to last December. This explosive demand growth has directly led to cost optimization on the supply side.
As token scale continues to expand, computing power load balancing and utilization rates have steadily improved, resulting in a synchronized drop of over 50% in inference costs per token.
A stellar earnings report released earlier this month also laid the groundwork for the rally. The company posted net revenue of $26 million in the fourth quarter, representing a 131% year-on-year growth.
JPMorgan analysts wrote in a note earlier this month that they saw no particularly negative data points, saying that the robust momentum in API demand provides extremely high visibility for revenue to double this year.
Looking ahead, the company's upcoming M3 series models are aimed at achieving global top-tier capabilities, and management remains explicitly optimistic about long-term gross margin improvements.
Morgan Stanley believes that MiniMax's moat is essentially a race of model evolution speed — whoever can sustain technological leadership will lock in the developer ecosystem.
