智谱AI与MiniMax在赴港上市申报文件中首次披露营收与盈利线索：2024年智谱营收3.124亿元人民币（约4,440万美元），MiniMax营收3,050万美元；两者估值均约40亿美元，背后共有阿里巴巴与腾讯等投资方，并有望在未来数周的香港IPO中合计募资达数亿美元。

与美国同业相比，体量差距明显：OpenAI年化营收估计约130亿美元、Anthropic今年预计约90亿美元。以美元口径粗略对比，智谱约为OpenAI的约0.34%、约为Anthropic的约0.49%；MiniMax约为OpenAI的约0.23%、约为Anthropic的约0.34%，显示中国生成式AI独角兽的收入仍受限于更小的变现规模。

文件与图表并指向成本压力上升：两家公司在研发投入加速下亏损扩大、底线走弱，但毛利率呈现分化——智谱领先、MiniMax在追赶缩小差距。需要注意，文中2025年数据为期间数：智谱为上半年，MiniMax为截至9月30日的前九个月。

Zhipu AI and MiniMax disclosed early revenue and profitability signals in Hong Kong listing filings. In 2024, Zhipu reported 312.4 million yuan (about $44.4 million) in revenue and MiniMax reported $30.5 million; both are valued at roughly $4 billion and may raise hundreds of millions of dollars in IPOs in coming weeks, backed by investors including Alibaba and Tencent.

Their sales are tiny versus US peers: OpenAI is estimated at about $13 billion in annualized revenue and Anthropic is projected at about $9 billion this year. On a dollar basis, Zhipu is roughly 0.34% of OpenAI and 0.49% of Anthropic, while MiniMax is about 0.23% of OpenAI and 0.34% of Anthropic, underscoring constrained monetization scale.

Filings and charts also point to rising cost pressure: accelerating R&D spending is widening losses, while gross margins diverge—Zhipu leads and MiniMax is closing the gap. The 2025 figures are partial-period data: first half for Zhipu and the nine months ended Sept. 30 for MiniMax.