Citi raised MiniMax's target price from HK$533 to HK$576, saying the company's performance was strong, mainly driven by 703% year-on-year growth in its open platform enterprise services. According to Sina Finance, analysts including Alicia Yap said the company's annual recurring revenue (ARR) surpassed $800 million in August, helped by improved intelligence in the M3 model, while token consumption from January to July surged 20-fold.

Citi forecast total revenue of $577 million for fiscal 2026 and an adjusted net loss of $710 million. The M3.1 model is expected to be released in the second half of 2026, and the M3 Pro model, with nearly 3 trillion parameters, is being developed.