在投资结构上,AI 吸引了超过一半的创投资金,且内部资金分布明显分化,其中例如 OpenAI、 Anthropic 等横向平台(Horizontal Platform,提供通用 AI 技术的底层平台)类企业更是揽获 68.5% 的资金。
PitchBook 资深创投记者 Michael Bodley 指出,AI 正以前所未有的速度主导整个创投市场,使几年前热炒的数字货币和移动技术等领域相形见绌。不过相应初创公司在后期融资的市场估值存在明显溢价,例如在 D 轮及以上融资阶段,AI 企业融资前估值已达到非 AI 企业的三倍,这提高了投资者的入场成本,也意味着未来投资回报需要通过更高规格的退出机制才能实现可观收益。
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