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| 7 | <g id="page-header"> |
| 8 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART IV · THE SECOND TIER · 12</text> |
| 9 | <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" /> |
| 10 | <text x="60" y="120" font-family="Cambria, "Microsoft YaHei", serif" font-size="28" font-weight="bold" fill="#E8E6E1">二线梯队：<tspan fill="#E63946">$10B–$50B</tspan> 的精英层</text> |
| 11 | <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Four companies in the next league — each chasing a different niche</text> |
| 12 | </g> |
| 13 | |
| 14 | <g id="card-ssi"> |
| 15 | <rect x="60" y="200" width="280" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" /> |
| 16 | <rect x="60" y="200" width="280" height="6" fill="#E63946" /> |
| 17 | <text x="80" y="244" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">SAFE SUPERINTELLIGENCE</text> |
| 18 | <text x="80" y="284" font-family="Cambria, "Microsoft YaHei", serif" font-size="26" font-weight="bold" fill="#E8E6E1">SSI</text> |
| 19 | <line x1="80" y1="298" x2="320" y2="298" stroke="#2A2F36" stroke-width="1" /> |
| 20 | |
| 21 | <text x="80" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#E63946">$32B</text> |
| 22 | <text x="80" y="382" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text> |
| 23 | |
| 24 | <line x1="80" y1="410" x2="320" y2="410" stroke="#2A2F36" stroke-width="1" /> |
| 25 | |
| 26 | <text x="80" y="442" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE"> |
| 27 | <tspan x="80" dy="0">Ilya Sutskever 创立</tspan> |
| 28 | <tspan x="80" dy="22"><tspan fill="#E63946" font-weight="bold">$5B → $32B</tspan></tspan> |
| 29 | <tspan x="80" dy="22">半年 6 倍跳涨</tspan> |
| 30 | </text> |
| 31 | |
| 32 | <text x="80" y="560" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E"> |
| 33 | <tspan x="80" dy="0">"Single product:</tspan> |
| 34 | <tspan x="80" dy="18">a safe superintelligence."</tspan> |
| 35 | </text> |
| 36 | |
| 37 | <use data-icon="tabler-outline/shield" x="292" y="338" width="28" height="28" fill="#E63946" stroke-width="1.5" /> |
| 38 | |
| 39 | <line x1="80" y1="606" x2="320" y2="606" stroke="#E63946" stroke-width="1" /> |
| 40 | <text x="80" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">$2B raised · Alphabet/Nvidia in</text> |
| 41 | </g> |
| 42 | |
| 43 | <g id="card-perplexity"> |
| 44 | <rect x="360" y="200" width="280" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" /> |
| 45 | <rect x="360" y="200" width="280" height="6" fill="#F4A261" /> |
| 46 | <text x="380" y="244" font-family="Cambria, serif" font-size="11" fill="#F4A261" letter-spacing="3">SEARCH CHALLENGER</text> |
| 47 | <text x="380" y="284" font-family="Cambria, "Microsoft YaHei", serif" font-size="26" font-weight="bold" fill="#E8E6E1">Perplexity</text> |
| 48 | <line x1="380" y1="298" x2="620" y2="298" stroke="#2A2F36" stroke-width="1" /> |
| 49 | |
| 50 | <text x="380" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#F4A261">$21B</text> |
| 51 | <text x="380" y="382" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text> |
| 52 | |
| 53 | <line x1="380" y1="410" x2="620" y2="410" stroke="#2A2F36" stroke-width="1" /> |
| 54 | |
| 55 | <text x="380" y="442" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE"> |
| 56 | <tspan x="380" dy="0">月活 <tspan fill="#F4A261" font-weight="bold">4500 万</tspan></tspan> |
| 57 | <tspan x="380" dy="22">Series E-6 完成</tspan> |
| 58 | <tspan x="380" dy="22">直挑 Google 搜索</tspan> |
| 59 | </text> |
| 60 | |
| 61 | <text x="380" y="560" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E"> |
| 62 | <tspan x="380" dy="0">"Answer engine,</tspan> |
| 63 | <tspan x="380" dy="18">not search engine."</tspan> |
| 64 | </text> |
| 65 | |
| 66 | <use data-icon="tabler-outline/search" x="592" y="338" width="28" height="28" fill="#F4A261" stroke-width="1.5" /> |
| 67 | |
| 68 | <line x1="380" y1="606" x2="620" y2="606" stroke="#F4A261" stroke-width="1" /> |
| 69 | <text x="380" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">$200M @ $21B · 18 months to here</text> |
| 70 | </g> |
| 71 | |
| 72 | <g id="card-mistral"> |
| 73 | <rect x="660" y="200" width="280" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" /> |
| 74 | <rect x="660" y="200" width="280" height="6" fill="#C9C5BE" /> |
| 75 | <text x="680" y="244" font-family="Cambria, serif" font-size="11" fill="#C9C5BE" letter-spacing="3">SOVEREIGN EU AI</text> |
| 76 | <text x="680" y="284" font-family="Cambria, "Microsoft YaHei", serif" font-size="26" font-weight="bold" fill="#E8E6E1">Mistral AI</text> |
| 77 | <line x1="680" y1="298" x2="920" y2="298" stroke="#2A2F36" stroke-width="1" /> |
| 78 | |
| 79 | <text x="680" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#C9C5BE">$13.7B</text> |
| 80 | <text x="680" y="382" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text> |
| 81 | |
| 82 | <line x1="680" y1="410" x2="920" y2="410" stroke="#2A2F36" stroke-width="1" /> |
| 83 | |
| 84 | <text x="680" y="442" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE"> |
| 85 | <tspan x="680" dy="0">$830M <tspan fill="#C9C5BE" font-weight="bold">债务融资</tspan></tspan> |
| 86 | <tspan x="680" dy="22">巴黎数据中心</tspan> |
| 87 | <tspan x="680" dy="22"><tspan fill="#E63946" font-weight="bold">13,800 张</tspan> Nvidia GPU</tspan> |
| 88 | </text> |
| 89 | |
| 90 | <text x="680" y="560" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E"> |
| 91 | <tspan x="680" dy="0">"Europe's open-source</tspan> |
| 92 | <tspan x="680" dy="18">sovereign answer."</tspan> |
| 93 | </text> |
| 94 | |
| 95 | <use data-icon="tabler-outline/server" x="892" y="338" width="28" height="28" fill="#C9C5BE" stroke-width="1.5" /> |
| 96 | |
| 97 | <line x1="680" y1="606" x2="920" y2="606" stroke="#C9C5BE" stroke-width="1" /> |
| 98 | <text x="680" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">Debt-funded · own data-center bet</text> |
| 99 | </g> |
| 100 | |
| 101 | <g id="card-cohere"> |
| 102 | <rect x="960" y="200" width="260" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" /> |
| 103 | <rect x="960" y="200" width="260" height="6" fill="#8A857E" /> |
| 104 | <text x="980" y="244" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">TRANSATLANTIC MERGER</text> |
| 105 | <text x="980" y="284" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-weight="bold" fill="#E8E6E1">Cohere +</text> |
| 106 | <text x="980" y="312" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-weight="bold" fill="#E8E6E1">Aleph Alpha</text> |
| 107 | <line x1="980" y1="326" x2="1200" y2="326" stroke="#2A2F36" stroke-width="1" /> |
| 108 | |
| 109 | <text x="980" y="386" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#8A857E">$20B</text> |
| 110 | <text x="980" y="410" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">合并实体估值</text> |
| 111 | |
| 112 | <line x1="980" y1="438" x2="1200" y2="438" stroke="#2A2F36" stroke-width="1" /> |
| 113 | |
| 114 | <text x="980" y="470" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE"> |
| 115 | <tspan x="980" dy="0">$7B + $3B (Aleph)</tspan> |
| 116 | <tspan x="980" dy="22">→ <tspan fill="#E8E6E1" font-weight="bold">$20B 合并溢价</tspan></tspan> |
| 117 | <tspan x="980" dy="22">ARR $240M</tspan> |
| 118 | </text> |
| 119 | |
| 120 | <text x="980" y="588" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E"> |
| 121 | <tspan x="980" dy="0">"Cross-Atlantic sovereign</tspan> |
| 122 | <tspan x="980" dy="18">enterprise stack."</tspan> |
| 123 | </text> |
| 124 | |
| 125 | <use data-icon="tabler-outline/link" x="1172" y="370" width="28" height="28" fill="#8A857E" stroke-width="1.5" /> |
| 126 | |
| 127 | <line x1="980" y1="606" x2="1200" y2="606" stroke="#8A857E" stroke-width="1" /> |
| 128 | <text x="980" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">Schwarz Group leads · 2026 deal</text> |
| 129 | </g> |
| 130 | |
| 131 | <g id="bottom-strip"> |
| 132 | <line x1="60" y1="660" x2="1220" y2="660" stroke="#2A2F36" stroke-width="1" /> |
| 133 | <text x="640" y="690" text-anchor="middle" font-family="Cambria, "Microsoft YaHei", serif" font-size="14" font-style="italic" fill="#E8E6E1">四家公司合计估值 <tspan fill="#E63946" font-weight="bold">$86.7B</tspan>——仅占同期 OpenAI 估值的 <tspan font-weight="bold">10%</tspan>。</text> |
| 134 | </g> |
| 135 | |
| 136 | <g id="page-footer"> |
| 137 | <text x="60" y="715" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Sources: TechCrunch · CNBC · Tracxn · TechFundingNews 2026 Q1-Q2</text> |
| 138 | <text x="1220" y="715" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">12 / 20</text> |
| 139 | </g> |
| 140 | </svg> |