MiniMax raises Alibaba Cloud spending ceiling to $1.2 billion

MiniMax has raised the spending ceiling of its three-year agreement with Alibaba Cloud by 220% to $1.2 billion, according to a filing cited in a report published on Aug. The annual limits were raised to $300 million for 2026, $400 million for 2027 and $500 million for 2028, from $115 million, $125 million and $135 million respectively. The agreement covers cloud resources for model training and inference as MiniMax expands its AI model and application business.