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| 7 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART II · THE BIG THREE · 08</text> |
| 8 | <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/> |
| 9 | <text x="60" y="120" font-family="Cambria, "Microsoft YaHei", serif" font-size="28" font-weight="bold" fill="#E8E6E1">OpenAI <tspan fill="#E63946">$122B</tspan> 这笔钱，从哪来</text> |
| 10 | <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Composition of OpenAI's March 2026 mega-round (post-money $852B)</text> |
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| 12 | |
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| 15 | <!-- Amazon 41% (50/122) calibrated by svg_position_calculator --> |
| 16 | <path d="M 0,-170 A 170,170 0 0,1 91.24,143.44 L 53.67,84.38 A 100,100 0 0,0 0,-100 Z" fill="#E63946"/> |
| 17 | <!-- Nvidia 24.6% (30/122) --> |
| 18 | <path d="M 91.24,143.44 A 170,170 0 0,1 -141.05,94.90 L -82.97,55.82 A 100,100 0 0,0 53.67,84.38 Z" fill="#F4A261"/> |
| 19 | <!-- SoftBank 24.6% (30/122) --> |
| 20 | <path d="M -141.05,94.90 A 170,170 0 0,1 -98.50,-138.55 L -57.94,-81.50 A 100,100 0 0,0 -82.97,55.82 Z" fill="#C9C5BE"/> |
| 21 | <!-- MSFT + Others 9.8% (12/122) --> |
| 22 | <path d="M -98.50,-138.55 A 170,170 0 0,1 0,-170 L 0,-100 A 100,100 0 0,0 -57.94,-81.50 Z" fill="#8A857E"/> |
| 23 | |
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| 25 | <text x="0" y="-12" font-family="Cambria, serif" font-size="36" font-weight="bold" fill="#E8E6E1" text-anchor="middle">$122B</text> |
| 26 | <text x="0" y="14" font-family="Cambria, serif" font-size="12" fill="#8A857E" text-anchor="middle" letter-spacing="2">TOTAL ROUND</text> |
| 27 | <text x="0" y="40" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">@ $852B post-money</text> |
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| 29 | |
| 30 | <g id="investor-list"> |
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| 32 | |
| 33 | <text x="700" y="220" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">INVESTOR BREAKDOWN</text> |
| 34 | |
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| 41 | <text x="772" y="276" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1">Amazon</text> |
| 42 | <text x="1180" y="276" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E63946">$50B</text> |
| 43 | <text x="1180" y="296" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">41% · AWS 算力承诺</text> |
| 44 | <line x1="700" y1="318" x2="1180" y2="318" stroke="#2A2F36" stroke-width="1"/> |
| 45 | </g> |
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| 49 | <!-- icon: simple-icons/nvidia --> |
| 50 | <g transform="translate(720.0, 339.0) scale(0.9166666666666666)" fill="#E8E6E1"> |
| 51 | <path d="M8.948 8.798v-1.43a6.7 6.7 0 0 1 .424-.018c3.922-.124 6.493 3.374 6.493 3.374s-2.774 3.851-5.75 3.851c-.398 0-.787-.062-1.158-.185v-4.346c1.528.185 1.837.857 2.747 2.385l2.04-1.714s-1.492-1.952-4-1.952a6.016 6.016 0 0 0-.796.035m0-4.735v2.138l.424-.027c5.45-.185 9.01 4.47 9.01 4.47s-4.08 4.964-8.33 4.964c-.37 0-.733-.035-1.095-.097v1.325c.3.035.61.062.91.062 3.957 0 6.82-2.023 9.593-4.408.459.371 2.34 1.263 2.73 1.652-2.633 2.208-8.772 3.984-12.253 3.984-.335 0-.653-.018-.971-.053v1.864H24V4.063zm0 10.326v1.131c-3.657-.654-4.673-4.46-4.673-4.46s1.758-1.944 4.673-2.262v1.237H8.94c-1.528-.186-2.73 1.245-2.73 1.245s.68 2.412 2.739 3.11M2.456 10.9s2.164-3.197 6.5-3.533V6.201C4.153 6.59 0 10.653 0 10.653s2.35 6.802 8.948 7.42v-1.237c-4.84-.6-6.492-5.936-6.492-5.936z"/> |
| 52 | </g> |
| 53 | <text x="772" y="356" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1">Nvidia</text> |
| 54 | <text x="1180" y="356" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#F4A261">$30B</text> |
| 55 | <text x="1180" y="376" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">25% · 10GW 系统部署</text> |
| 56 | <line x1="700" y1="398" x2="1180" y2="398" stroke="#2A2F36" stroke-width="1"/> |
| 57 | </g> |
| 58 | |
| 59 | <g id="row-softbank"> |
| 60 | <rect x="700" y="410" width="6" height="40" fill="#C9C5BE"/> |
| 61 | <text x="720" y="436" font-family="Cambria, "Microsoft YaHei", serif" font-size="16" font-weight="bold" fill="#E8E6E1">SoftBank</text> |
| 62 | <text x="1180" y="436" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#C9C5BE">$30B</text> |
| 63 | <text x="1180" y="456" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">25% · Stargate 联合主体</text> |
| 64 | <line x1="700" y1="478" x2="1180" y2="478" stroke="#2A2F36" stroke-width="1"/> |
| 65 | </g> |
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| 67 | <g id="row-others"> |
| 68 | <rect x="700" y="490" width="6" height="40" fill="#8A857E"/> |
| 69 | <!-- icon: simple-icons/microsoft --> |
| 70 | <g transform="translate(720.0, 499.0) scale(0.9166666666666666)" fill="#E8E6E1"> |
| 71 | <path d="M0 0v11.408h11.408V0zm12.594 0v11.408H24V0zM0 12.594V24h11.408V12.594zm12.594 0V24H24V12.594z"/> |
| 72 | </g> |
| 73 | <text x="772" y="516" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="16" font-weight="bold" fill="#E8E6E1">MSFT + a16z + 其他</text> |
| 74 | <text x="1180" y="516" text-anchor="end" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#8A857E">$12B</text> |
| 75 | <text x="1180" y="536" text-anchor="end" font-family="Cambria, serif" font-size="11" fill="#8A857E">9% · 包含 T. Rowe Price 等</text> |
| 76 | <line x1="700" y1="558" x2="1180" y2="558" stroke="#2A2F36" stroke-width="1"/> |
| 77 | </g> |
| 78 | |
| 79 | <g id="callout"> |
| 80 | <text x="700" y="600" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">OBSERVATION</text> |
| 81 | <text x="700" y="628" font-family="Cambria, "Microsoft YaHei", serif" font-size="15" fill="#E8E6E1">三大投资人合计 <tspan font-weight="bold" fill="#E63946">91%</tspan>——同时是 OpenAI 的 <tspan font-weight="bold" fill="#E63946">最大客户</tspan></text> |
| 82 | </g> |
| 83 | </g> |
| 84 | |
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| 86 | <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1"/> |
| 87 | <text x="60" y="700" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Sources: OpenAI press 2026-03-31 · Bloomberg · TechCrunch · CNBC</text> |
| 88 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">08 / 20</text> |
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| 91 |