MiniMax AI startup shares dropped after announcing an aggressive plan to raise money at a $2.05 billion valuation, creating fears of dilution. The company plans to sell another 35.6 million Class A shares at HK$268 each and offer HK$6.5 billion in zero-coupon convertible bonds. Funds will be used for artificial intelligence development, commercialisation, general corporate reasons, and future expansion. The firm reported revenue for the full year 2025 was $79 million, up 158.9 percent from the prior year, with gross profit of $20.1 million, or 25.4% gross margin. It has a user base of over 236 million people in more than 200 countries and regions and over 214,000 commercial clients and developers. Shares fell almost 12% to HK$260.80 after the investment announcement, with investors focusing on dilution risks.