Shanghai-based MiniMax is raising $2 billion in fresh funding, with CEO Yan Junjie pledging to donate 5% of his personal shareholding to finance employee incentives and future open-source projects. More than half of the funding is expected to come from newly issued shares, with the remainder raised through convertible bonds. MiniMax also reportedly plans a further $6.5 billion zero-coupon convertible bond issuance, allowing investors to acquire 19.4 million shares at a price 12.6% above the company’s Thursday closing price, with bonds maturing in 2027. The company’s latest open-source flagship, MiniMax-M3, launched in June with 427 billion parameters and a one million-token context window, delivering prefill performance nine times faster and decode performance 15 times faster than its previous flagship, attributed to MiniMax Sparse Attention (MSA). Beyond LLMs, MiniMax maintains the open-source VTL family of visual tokenisers for multimodal AI. The company generates revenue through hosted AI models and consumer multimedia generation applications. Earlier this year, it raised about $619 million in its Hong Kong IPO, while its shares fell 9.8% following reports of the latest fundraising.