MiniMax Surpasses Baidu in Valuation With HKD 38.26 Billion, Shifting AI Landscape

March 10, 2026, marked a milestone for China's AI industry landscape. At the market close in Hong Kong, AI large model unicorn MiniMax saw its stock price surge significantly, closing up more than 22%. This powerful rally propelled MiniMax's total market capitalization to HK$382.6 billion, officially surpassing that of internet veteran BAIDU (HK$332.2 billion).

From being one of the "Big Model Dragons" to now leading in market value, MiniMax's ascent is not just a triumph in the capital markets, but a victory for the logic of AI commercialization.

Revenue Soars 158.9%: Showcasing Financial Muscle, Not Just Computing Power

MiniMax's latest disclosed financial data reveals a commercialization pace far exceeding market expectations. During the period, the company's total revenue reached $790.38 million, a sharp year-on-year increase of 158.9%.

More notably, its revenue structure is exceptionally robust. Over 70% of MiniMax's revenue comes from international markets, signaling that Chinese large models have successfully moved beyond domestic competition to establish strong competitiveness in complex global arenas. Concurrently, its gross margin has risen to 25.4%, generating a gross profit of $200.79 million. Its adjusted net loss narrowed significantly to $250 million, demonstrating strong risk resilience and profit potential.

BAIDU's AI Transformation Defense: Steady Yet Heavy

In contrast, BAIDU, often called the "Whampoa Military Academy" of China's AI field, reported steady 2025 total revenue of 129.1 billion yuan, with its AI business contributing 40 billion yuan. However, in terms of capturing the imagination of capital markets, it clearly faces a serious challenge from emerging players.

BAIDU's Q4 total revenue was 32.7 billion yuan, representing only 5% year-on-year growth. While its AI business income now accounts for 43% of core business revenue, and its autonomous driving solution "Rabbit Fast Run" has launched in Switzerland, it must find more explosive growth drivers in its market cap defense against "AI-native" forces like MiniMax, which debuted with a 42% surge and continued its upward climb.

The Next Phase for Large Models: The Final Showdown on Global Scale and Profitability

The historic crossover of MiniMax's market cap surpassing BAIDU's signifies a complete shift in the large model industry's competitive focus.

If 2024 was about "parameters" and "rankings," and 2025 about "implementation," then entering 2026, the keys to maintaining leadership will be the ability to generate real revenue in the global market and to continuously improve gross margins. As MiniMax solidly holds the 380-billion mark, the golden era for China's new AI forces may have just begun.