MiniMax and Zhipu Erase Combined $150B in Market Value

AI21 hours ago

Shares of Chinese AI developers MiniMax and Zhipu have dropped more than 80% from their respective all-time highs, with MiniMax falling 87% and Zhipu declining 81%. MiniMax's valuation previously peaked at 650% above its March initial public offering price before sliding below that level.

The companies have lost a combined $150B in market value since they debuted in January. The selloff follows a token price war among US and Chinese firms, including OpenAI and Anthropic, that has squeezed the profitability of the still-unprofitable startups. Additional downward pressure may come from prospective IPOs by DeepSeek and Moonshot AI, or the 203 million pre-IPO shares of MiniMax and Zhipu that become eligible for trading in January.

Mapped to your portfolio

Possible scenarios

38%Valuation Reset Continues-0.5%
27%Policy Support Stabilizes+0.5%
20%Price War Deepens-0.4%

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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MiniMax and Zhipu Erase Combined $150B in Market Value

In this story

MiniMax Zhipu AI OpenAI Anthropic DeepSeek Moonshot AI

Portfolio

SPY
State Street SPDR S&P 500 ETF Trust
100%

Portfolio

SPY
State Street SPDR S&P 500 ETF Trust
100%

Mapped to your portfolio

Possible scenarios

38%Valuation Reset Continues-0.5%
27%Policy Support Stabilizes+0.5%
20%Price War Deepens-0.4%

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.