MiniMax said at its 2026 mid-year performance meeting on Aug. 26 that its August annual recurring revenue (ARR), a measure of recurring sales, had exceeded $800 million. Second-quarter revenue rose 81.8% from the first quarter, while July token consumption reached 20 times January's level. Business-to-business customers accounted for more than 80% of total ARR. MiniMax also said it was one of two independent large-model companies in China to establish an infrastructure system at scale with long-term stability, and that its infrastructure could independently support its largest training tasks, with an effective training time ratio (ETTR) of 97%.