Pre-training was conducted in three phases, covering long-horizon pre-training, mid-training, and a long-context extension phase. We used sigmoid-based routing scores rather than traditional softmax gating, which improves expert load balancing and reduces routing collapse during training. An expert-bias term stabilizes routing dynamics and encourages more uniform expert utilization across training steps. We observed that the 105B model achieved benchmark superiority over the 30B remarkably early in training, suggesting efficient scaling behavior.
MiniMax listed on the Hong Kong Stock Exchange on Jan. 16 at HK5 per share and now trades about 6.4 times above its IPO price, making it one of Hong Kong's best-performing stocks this year.
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