MiniMax and Zhipu have the same advertising slogan for Hong Kong stock IPOs😂 "The world's number one large model stock," I thought they were the same company.

And MiniMax should be the fastest AI company from founding to IPO, taking only 4 years.

Previously, there were Moore Threads and Mu Xi (both GPU) listed on A-shares), now there are MiniMax and Zhipu (both large models) listed on Hong Kong stocks.

On the surface, it's another AI craze, but a close look at the prospectus reveals that the essence is still VC anxiety.

Similarly, overseas, OpenAI and Anthropic are also rumored to be preparing for IPOs. Frankly, it's still about who can stay at the table.

The competition for large models has shifted from technical idealism to a capital elimination race. Whether they can go public is becoming a prerequisite for model companies to stay at the table.