Minkowski is flat. The hyperboloids that arise are a result of the action of the Lorentz group. The Lorentz transformations leave invariant the interval:
s^2 = c\Delta t^2 - \Delta x^2.
Consider in 2D a frame K and a frame K' that we will take to be moving relative to K with some velocity v. If we take a specific point (x',t') in frame K' and boost frame K' across the full range of velocities from -c to c, this point traces out a hyperbola in the frame K. So, for example, if we choose the point (0,1) in K', then it traces out the hyperbola
x^2 - t^2 = 1
in K. I like to think of the Lorentz transformations in Minkowski space as playing an analogous role to ordinary rotations in Euclidean space: rotations in Euclidean space leave invariant the circle (x^2 + y^2 = 1), whereas Lorentz transformations leave invariant hyperbolas. This becomes more transparent when you write the Lorentz transformations in terms of hyperbolic sines and cosines, a form in which the action of the Lorentz transformations as hyperbolic rotations is manifest.
So, Minkowski space is flat, but because of the signature (the minus sign in there), the locus of points traced by its symmetry group (Lorentz) is a hyperbola.