The race to claim the title of 'first global large - scale model IPO' is heating up. On December 19, Zhipu unveiled its prospectus after the IPO hearing at the Hong Kong Stock Exchange. Just a mere two days later, on the evening of December 21, Minimax joined the fray by releasing its own prospectus. Minimax hasn't yet managed to make a significant breakthrough in getting users to pay for large language models. However, it has made strides in the realm of AI video generation. Leveraging its self - developed large - scale model portfolio, it has launched multiple applications. Among them, Hailuo AI, which made its debut in August 2024, has emerged as a major revenue contributor. In the first three quarters of 2025, it generated $17 million, accounting for 32.6% of the company's total revenue. Yet, its revenue - generating ability still pales in comparison to Kuaishou's 'Kling'. Applications such as Hailuo are mainly targeted at overseas markets, where users tend to be more willing to open their wallets. However, the entire AI video generation sector is plagued by the issue of low user retention rates, and Hailuo is no exception, with its retention rate falling short of expectations. Minimax's forte lies in its in - depth exploration of the overseas consumer market. This stands in stark contrast to Zhipu, which primarily relies on domestic large - scale model local deployment services for its revenue. Nevertheless, both companies are confronted with the common hurdle of achieving profitability. Even if Minimax cuts back on application promotion, it still finds it difficult to cover the exorbitant computational costs. In the end, the market is eagerly waiting to see if Minimax can successfully snag the title of 'first global large - scale model IPO'.