硅谷风投押宝熟人局，撑起AI百亿估值神话与泡沫

Group 1 - The total amount of financing for startups led by existing investors has surpassed $69 billion as of mid-June, exceeding the total financing amount for the entire previous year of $67 billion and is on track to break the historical record set in 2021 during the zero-interest period [1] - Notable tech unicorns like OpenAI and Anduril have attracted significant funding, accounting for over 60% of the total financing from existing investors, indicating a trend of "old shareholders doubling down" [4] - Existing investors are increasingly willing to invest at higher valuations, allowing founders to retain more equity and simplifying the financing process by avoiding complex negotiations with new investors [4] Group 2 - There has been an increase in the amount of repeat investments from existing investors, particularly concentrated in specific sectors such as AI, finance, and defense technology [5] - As of now, there have been 477 rounds of financing led by existing investors, matching the total for the same period in 2024, with the potential to reach the annual record of 1,004 rounds if the trend continues [5] - Major firms like Thrive and SoftBank are significantly increasing their investments in AI, with SoftBank leading a $40 billion financing round for OpenAI, raising its valuation to $300 billion [6] Group 3 - Despite past negative perceptions of repeat investments, the demand for high-growth companies has shifted, with many venture capital firms now favoring concentrated investments in the same companies [8] - High-profile failures, such as Lacework and Hopin, highlight the risks associated with high-valuation investments, yet this has not deterred investor enthusiasm [8] - The strategy of concentrating investments in successful companies is being adopted by more venture capital firms, maximizing investment value in high-potential startups [9]