MiniMax’s latest ARR (annual recurring revenue) structure shows that To B business, serving enterprises and developers, accounts for about 80% of revenue, while To C business represents about 20%. The corresponding shares were about 30% and 70%, respectively, in the same period last year. MiniMax said continued upgrades to its M2 series, together with the launches of M3 and H3, have raised model intelligence and inference throughput. Demand from enterprises and developers to call its models is becoming the company’s new primary revenue source.