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| 7 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART IV · THE SECOND TIER · 12</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">二线梯队：<tspan fill="#E63946">$10B–$50B</tspan> 的精英层</text> |
| 10 | <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> |
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| 12 | |
| 13 | <g id="card-ssi"> |
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| 15 | <rect x="60" y="200" width="280" height="6" fill="#E63946" /> |
| 16 | <text x="80" y="244" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">SAFE SUPERINTELLIGENCE</text> |
| 17 | <text x="80" y="284" font-family="Cambria, "Microsoft YaHei", serif" font-size="26" font-weight="bold" fill="#E8E6E1">SSI</text> |
| 18 | <line x1="80" y1="298" x2="320" y2="298" stroke="#2A2F36" stroke-width="1" /> |
| 19 | |
| 20 | <text x="80" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#E63946">$32B</text> |
| 21 | <text x="80" y="382" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text> |
| 22 | |
| 23 | <line x1="80" y1="410" x2="320" y2="410" stroke="#2A2F36" stroke-width="1" /> |
| 24 | |
| 25 | <text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="80" y="442">Ilya Sutskever 创立</text><text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="80" y="464"><tspan><tspan fill="#E63946" font-weight="bold">$5B → $32B</tspan></tspan> |
| 26 | </text><text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="80" y="486">半年 6 倍跳涨</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="80" y="560">"Single product:</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="80" y="578">a safe superintelligence."</text><g transform="translate(292.0, 338.0) scale(1.1666666666666667)" fill="none" stroke="#E63946" stroke-width="1.5"> |
| 27 | <path d="M12 3a12 12 0 0 0 8.5 3a12 12 0 0 1 -8.5 15a12 12 0 0 1 -8.5 -15a12 12 0 0 0 8.5 -3" /> |
| 28 | </g> |
| 29 | |
| 30 | <line x1="80" y1="606" x2="320" y2="606" stroke="#E63946" stroke-width="1" /> |
| 31 | <text x="80" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">$2B raised · Alphabet/Nvidia in</text> |
| 32 | </g> |
| 33 | |
| 34 | <g id="card-perplexity"> |
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| 36 | <rect x="360" y="200" width="280" height="6" fill="#F4A261" /> |
| 37 | <text x="380" y="244" font-family="Cambria, serif" font-size="11" fill="#F4A261" letter-spacing="3">SEARCH CHALLENGER</text> |
| 38 | <text x="380" y="284" font-family="Cambria, "Microsoft YaHei", serif" font-size="26" font-weight="bold" fill="#E8E6E1">Perplexity</text> |
| 39 | <line x1="380" y1="298" x2="620" y2="298" stroke="#2A2F36" stroke-width="1" /> |
| 40 | |
| 41 | <text x="380" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#F4A261">$21B</text> |
| 42 | <text x="380" y="382" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text> |
| 43 | |
| 44 | <line x1="380" y1="410" x2="620" y2="410" stroke="#2A2F36" stroke-width="1" /> |
| 45 | |
| 46 | <text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="380" y="442"><tspan>月活 <tspan fill="#F4A261" font-weight="bold">4500 万</tspan></tspan> |
| 47 | </text><text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="380" y="464">Series E-6 完成</text><text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="380" y="486">直挑 Google 搜索</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="380" y="560">"Answer engine,</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="380" y="578">not search engine."</text><g transform="translate(592.0, 338.0) scale(1.1666666666666667)" fill="none" stroke="#F4A261" stroke-width="1.5"> |
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| 50 | </g> |
| 51 | |
| 52 | <line x1="380" y1="606" x2="620" y2="606" stroke="#F4A261" stroke-width="1" /> |
| 53 | <text x="380" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">$200M @ $21B · 18 months to here</text> |
| 54 | </g> |
| 55 | |
| 56 | <g id="card-mistral"> |
| 57 | <rect x="660" y="200" width="280" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" /> |
| 58 | <rect x="660" y="200" width="280" height="6" fill="#C9C5BE" /> |
| 59 | <text x="680" y="244" font-family="Cambria, serif" font-size="11" fill="#C9C5BE" letter-spacing="3">SOVEREIGN EU AI</text> |
| 60 | <text x="680" y="284" font-family="Cambria, "Microsoft YaHei", serif" font-size="26" font-weight="bold" fill="#E8E6E1">Mistral AI</text> |
| 61 | <line x1="680" y1="298" x2="920" y2="298" stroke="#2A2F36" stroke-width="1" /> |
| 62 | |
| 63 | <text x="680" y="358" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#C9C5BE">$13.7B</text> |
| 64 | <text x="680" y="382" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">最新估值 / Latest valuation</text> |
| 65 | |
| 66 | <line x1="680" y1="410" x2="920" y2="410" stroke="#2A2F36" stroke-width="1" /> |
| 67 | |
| 68 | <text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="680" y="442"><tspan>$830M <tspan fill="#C9C5BE" font-weight="bold">债务融资</tspan></tspan> |
| 69 | </text><text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="680" y="464">巴黎数据中心</text><text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="680" y="486"><tspan><tspan fill="#E63946" font-weight="bold">13,800 张</tspan> Nvidia GPU</tspan> |
| 70 | </text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="680" y="560">"Europe's open-source</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="680" y="578">sovereign answer."</text><g transform="translate(892.0, 338.0) scale(1.1666666666666667)" fill="none" stroke="#C9C5BE" stroke-width="1.5"> |
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| 74 | <path d="M7 16l0 .01" /> |
| 75 | </g> |
| 76 | |
| 77 | <line x1="680" y1="606" x2="920" y2="606" stroke="#C9C5BE" stroke-width="1" /> |
| 78 | <text x="680" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">Debt-funded · own data-center bet</text> |
| 79 | </g> |
| 80 | |
| 81 | <g id="card-cohere"> |
| 82 | <rect x="960" y="200" width="260" height="430" fill="#1A1F26" stroke="#2A2F36" stroke-width="1" /> |
| 83 | <rect x="960" y="200" width="260" height="6" fill="#8A857E" /> |
| 84 | <text x="980" y="244" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">TRANSATLANTIC MERGER</text> |
| 85 | <text x="980" y="284" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-weight="bold" fill="#E8E6E1">Cohere +</text> |
| 86 | <text x="980" y="312" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-weight="bold" fill="#E8E6E1">Aleph Alpha</text> |
| 87 | <line x1="980" y1="326" x2="1200" y2="326" stroke="#2A2F36" stroke-width="1" /> |
| 88 | |
| 89 | <text x="980" y="386" font-family="Cambria, serif" font-size="56" font-weight="bold" fill="#8A857E">$20B</text> |
| 90 | <text x="980" y="410" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">合并实体估值</text> |
| 91 | |
| 92 | <line x1="980" y1="438" x2="1200" y2="438" stroke="#2A2F36" stroke-width="1" /> |
| 93 | |
| 94 | <text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="980" y="470">$7B + $3B (Aleph)</text><text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="980" y="492"><tspan>→ <tspan fill="#E8E6E1" font-weight="bold">$20B 合并溢价</tspan></tspan> |
| 95 | </text><text font-size="13" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="980" y="514">ARR $240M</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="980" y="588">"Cross-Atlantic sovereign</text><text font-style="italic" font-size="12" fill="#8A857E" font-family="Cambria, serif" x="980" y="606">enterprise stack."</text><g transform="translate(1172.0, 370.0) scale(1.1666666666666667)" fill="none" stroke="#8A857E" stroke-width="1.5"> |
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| 97 | <path d="M11 6l.463 -.536a5 5 0 0 1 7.071 7.072l-.534 .464" /> |
| 98 | <path d="M13 18l-.397 .534a5.068 5.068 0 0 1 -7.127 0a4.972 4.972 0 0 1 0 -7.071l.524 -.463" /> |
| 99 | </g> |
| 100 | |
| 101 | <line x1="980" y1="606" x2="1200" y2="606" stroke="#8A857E" stroke-width="1" /> |
| 102 | <text x="980" y="624" font-family="Cambria, serif" font-size="11" fill="#8A857E">Schwarz Group leads · 2026 deal</text> |
| 103 | </g> |
| 104 | |
| 105 | <g id="bottom-strip"> |
| 106 | <line x1="60" y1="660" x2="1220" y2="660" stroke="#2A2F36" stroke-width="1" /> |
| 107 | <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> |
| 108 | </g> |
| 109 | |
| 110 | <g id="page-footer"> |
| 111 | <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> |
| 112 | <text x="1220" y="715" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">12 / 20</text> |
| 113 | </g> |
| 114 | </svg> |