Morgan Stanley briefing: MiniMax ARR at $800M and Zhipu at $1.6B as model competition turns into a tiered elimination round

A Morgan Stanley private briefing reported on Sept 6-7 puts MiniMax's end-August ARR at $800M (weekly basis) with a raised analyst view of $1.3B by year-end, and Zhipu's ARR at $1.6B in August ($2B+ on a weekly basis) with year-end guidance lifted to $2.4B. The same briefing dates GLM-6 for October on GLM-5.3-Flash's architecture and lists MiniMax M3.1, H3.1 and M3 Pro for H2 plus a 10T-parameter model planned next year; MiniMax shares rose nearly 8% on the news.