MiniMax Desperately Swimming Past the Kill Line: Open-Source H3 Between Kimi K3 Performance Ceiling and DeepSeek Price Floor, With R&D Spending Triple Revenue

MiniMax H3 open-source release comes as Kimi K3 raises the performance bar and DeepSeek V4-Flash crushes prices, while MiniMax 2025 financials show 253M R&D against 79M revenue.