当VC开始”团购”项目：揭秘2025年最拥挤的13轮融资，谁在为高估值买单？

Core Insights - In 2025, China's primary market is witnessing a unique "queueing" phenomenon where numerous hard tech companies attract multiple investment institutions in single rounds of financing, with a focus on collaboration rather than competition among investors [1][2] Group 1: Investment Trends - A total of 13 projects in 2025 had over 15 investors in a single round, covering strategic sectors such as AI chips, commercial aerospace, robotics, semiconductors, and biomedicine [1][2] - Notable companies include Mu Xi Co., Ltd. (C round, nearly 50 investors), Qingwei Intelligent (C round, 24 investors), and the Hainan Commercial Aerospace Innovation Center (angel round, nearly 30 investors) [2] Group 2: Mu Xi Co., Ltd. Case Study - Mu Xi Co., Ltd., a leading domestic GPU company, completed a record financing round in February 2025, raising over 7.2 billion yuan with nearly 50 investment institutions participating [3][4] - The investor lineup included state-owned capital, market-oriented funds, and industrial capital, indicating a strong collective bet on the domestic AI computing power sector [4][5] - The stock debuted on the Sci-Tech Innovation Board at 104.66 yuan per share, skyrocketing to 829.90 yuan on the first day, marking a 692.95% increase and a market cap exceeding 330 billion yuan [6] Group 3: Hainan Commercial Aerospace Innovation Center - The Hainan Commercial Aerospace Innovation Center was established in July 2025 with nearly 30 industry chain companies participating, marking a precedent for competitors to collaboratively build an innovation platform [7][10] - This model aims to leverage Hainan's advantages in low-latitude launches and tax policies while establishing a technology standard alliance to avoid redundant construction [9][10] Group 4: Qingwei Intelligent Case Study - Qingwei Intelligent, a leader in reconfigurable chips, completed a 2 billion yuan C round financing in December 2025, with 24 institutions participating, setting a record for the AI chip sector [11][12] - The investment was characterized by a mix of state-owned and market-oriented institutions, with a focus on the unique advantages of Qingwei's reconfigurable computing architecture [13] Group 5: Structural Changes in Investment Landscape - The phenomenon of multiple investors in single rounds reflects structural changes in the primary market, driven by a scarcity of viable projects in high-tech sectors and a shared risk mechanism among investors [14][15] - The increasing role of state-owned capital in hard tech investments is evident, with local state-owned platforms and industrial guidance funds significantly boosting the number of investors in single rounds [14] - The speculative mindset fueled by the success of Mu Xi's IPO has led to a trend where institutions are eager to participate in the last financing rounds before public offerings, despite high valuations [15]