Chinese AI firm MiniMax expanded its cloud computing agreement with Alibaba Group to a $1.2 billion ceiling.
The new three-year deal represents a 220% increase over the previous arrangement.
MiniMax will spend $300 million on Alibaba Cloud services this year, nearly tripling its original budget.
Annual spending limits will rise to $400 million in 2027 and $500 million in 2028.
The expansion supports surging demand for AI model training and inference power.