从OpenAI到DeepSeek，独角兽开始“挑”投资人

Core Viewpoint - The article emphasizes that in the current investment landscape, access to top-tier investment opportunities is increasingly restricted to a select group of investors who are on the "trust list" of founders, rather than being solely based on financial capability [4][29]. Group 1: Investment Dynamics - A recent private meeting in Silicon Valley focused on OpenAI's $40 billion funding round, which surpassed all IPOs this year and even exceeded the largest IPO in history by over $10 billion [5][9]. - Only selected private investors, such as SoftBank and Blackstone, were invited to participate in this exclusive funding event, highlighting a trend referred to as "elite internal circulation" [6][8]. - In China, similar dynamics are observed where participation in funding rounds for top unicorns is limited, emphasizing the importance of connections and resources beyond just financial strength [9][10]. Group 2: Historical Context and Evolution - The venture capital landscape has evolved significantly over the past three decades, transitioning from an environment where opportunities were abundant to one where finding quality projects is increasingly challenging [11][18]. - The article recounts how venture capitalists used to approach projects directly, contrasting it with the current scenario where projects often dictate terms and selectively engage with investors [19][27]. Group 3: High Returns from Unicorns - The potential returns from investing in unicorns are substantial, with examples like Tencent, where early investors saw returns of hundreds of times their initial investment [20]. - Recent unicorns like Moer Thread and domestic GPU leader Muxi have demonstrated extraordinary valuation increases, with early investors achieving returns exceeding 6000 times their initial investments [21][22]. Group 4: Changing Power Dynamics - The article discusses a shift in power dynamics where project founders now have the upper hand, often requiring investors to prove their worth before being allowed to engage in due diligence [24][27]. - This shift is exemplified by projects that refuse to open due diligence to any investors, regardless of their reputation, indicating a strong market position [26][28]. Group 5: The Invitation-Only Market - The investment landscape is increasingly characterized by an "invitation-only" model, where only those on the founders' trust lists can participate in lucrative funding rounds [29][30]. - Major firms like Morgan Stanley and Goldman Sachs have adapted by creating private market divisions to cater exclusively to wealthy investors who can connect with top entrepreneurs [29][30]. Group 6: Future Outlook - Companies like SpaceX are setting new valuation records, with recent internal transactions valuing the company at $800 billion, indicating a robust market for top-tier investments [30][31]. - The article concludes that as the industry matures, the best projects will attract capital rather than the other way around, necessitating a shift in how investors approach opportunities [32].