Analysis of the Valuation Evolution and Driving Factors of Minimax From the Perspective of Private Equity Investment

DOI

10.2991/978-94-6239-801-6_75How to use a DOI?

Keywords

AI Large Model; Private Equity Valuation; Valuation Logic; China Special Purpose Valuation

Abstract

The valuation challenges in the Artificial Intelligence (AI) large model industry have highlighted the limitations of traditional valuation methods, while the construction of a valuation system with Chinese characteristics has provided a new logical dimension for the valuation of emerging technology enterprises. This study takes MiniMax, a leading domestic large language model (LLM) enterprise, as a case to examine its full financing and listing trajectory from angel round to Initial Public Offering (IPO) between late 2021 and January 2026. Using a combination of case analysis and comparable company valuation, it systematically traces the evolution of private equity valuation logic, core driving factors, and the enabling role of the “China Special Valuation” policy. The findings reveal the inherent logic of valuation transition from private to public equity in China’s LLM industry, emphasizing the valuation support from localized scenario adaptation and policy empowerment for growth-oriented tech firms. This research provides a reference for PE investment valuation, corporate financing, and listing strategies in the LLM sector, and offers an empirical case for understanding the practical effects of the “China Special Valuation” policy in emerging technology industries.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Junyao Cao
PY  - 2026
DA  - 2026/10/23
TI  - Analysis of the Valuation Evolution and Driving Factors of Minimax From the Perspective of Private Equity Investment
BT  - Proceedings of the 2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)
PB  - Atlantis Press
SP  - 711
EP  - 719
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-801-6_75
DO  - 10.2991/978-94-6239-801-6_75
ID  - Cao2026
ER  -