腾讯阿里罕见“合投”！重注押宝Kimi，AI的“春节档”释放何种信号？_老虎社区_美港股上老虎

腾讯阿里罕见“合投”！重注押宝Kimi，AI的“春节档”释放何种信号？

深城物联02-18 00:03

腾讯阿里百亿美元重注押宝Kimi：AI“血腥春节”背后迎来终极排位。当2026年农历新年的钟声即将敲响，当大多数中国家庭正沉浸在置办年货、抢红包的喜庆氛围中时，中国的AI竞技场上却并未因节日而有丝毫停歇。相反，一场更为残酷且无声的“资本与技术的排位赛”正在上演。就在一众AI应用为争夺用户流量，竞相打响春节“红包大战”之际，被誉为国内大模型“六小虎”之首的AI独角兽——月之暗面（Moonshot ...

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Bet heavily on Kimi, what kind of signal does AI's \"Spring Festival file\" release?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80700":0.9,"TCHmain":0.6,"HTCD.SI":0.6,"BABA":1.93,"09988":1.93,"00700":1.95,"TCEHY":1.95},"content_text":"腾讯阿里百亿美元重注押宝Kimi：AI“血腥春节”背后迎来终极排位。当2026年农历新年的钟声即将敲响，当大多数中国家庭正沉浸在置办年货、抢红包的喜庆氛围中时，中国的AI竞技场上却并未因节日而有丝毫停歇。相反，一场更为残酷且无声的“资本与技术的排位赛”正在上演。就在一众AI应用为争夺用户流量，竞相打响春节“红包大战”之际，被誉为国内大模型“六小虎”之首的AI独角兽——月之暗面（Moonshot AI），却以一种近乎碾压的姿态，向市场投下了一枚重磅炸弹。在刚刚于2025年12月完成超5亿美元C轮融资、账面躺着超100亿人民币现金储备的短短一个多月后，月之暗面再次以雷霆之势宣布：新一轮超7亿美元融资已进入交割收尾阶段。本轮融资由阿里、腾讯、五源、九安等老股东联合领投。随着资金的到位，月之暗面的估值一举突破100亿美元大关，正式跻身“百亿美金独角兽”的顶级俱乐部，为这个本已热闹非凡的春节AI赛道注入了一针强心剂，也释放出行业进入终极洗牌期的强烈资本信号。两个月狂揽12亿美金Kimi的这轮融资节奏，堪称中国大模型创业史上的一个奇迹。根据公开资料梳理，月之暗面的上一轮融资（C轮）于2025年12月尘埃落定，金额高达5亿美元且大幅超募。彼时，创始人杨植麟在内部全员信中已展现出极强的自信，称公司账面拥有超过100亿元人民币的现金储备，并明确表态：“相比于二级市场，我们判断还可以从一级市场募集更大量资金。事实上，我们B/C轮融资金额就超过绝大部分IPO募资及上市公司的定向增发。所以我们短期不着急上市，也不以上市为目的。”这番言论在当时被业界解读为一种“凡尔赛”，但仅过去40余天，杨植麟的预言便以更惊人的方式兑现。新一轮超7亿美元的融资迅速到位，使得Kimi在短短两个月内的累计融资规模一举突破12亿美元，毫无悬念地创下了近一年来国内大模型行业最高的融资纪录。更令人玩味的是，据接近交易的消息人士透露，就在本轮融资即将落定之际，Kimi内部已悄然启动了下一轮估值在100亿至120亿美元之间的融资计划。这种“融完即启动”的资本运作速度，充分展现了顶级资本对头部项目的饥渴，以及月之暗面在行业寒冬论调下逆势扩张的野心。在外界看来，这种“闪电战”式的融资策略，其核心目的绝不仅仅是“补血”。手握重金的Kimi，意图在于构建极高的资本壁垒。在大模型这个“吞金兽”行业，算力是燃烧的燃料，人才是驱动的引擎。充足的弹药意味着可以在英伟达的GPU订单上“先人一步”，意味着可以在顶尖AI博士的争夺中“出价更高”，更意味着在价格战来临时拥有更长的“逃生距离”。阿里腾讯罕见“合投”本轮融资最引人注目的看点，无疑是阿里与腾讯两大巨头的罕见“同框”。在中国互联网的长期竞争格局中，阿里和腾讯往往分属不同阵营，投资布局也多呈楚河汉界之势。然而，在月之暗面的这轮融资中，两家巨头却选择了并肩站在领投方的位置上。这背后，折射出的是巨头们在AGI（通用人工智能）时代深深的战略焦虑与共识。对于阿里而言，重注Kimi是其“AI驱动”战略的延续。自2023年以来，阿里便以前所未有的力度押注AI大模型，先后投资了月之暗面、智谱AI、百川智能、零一万物等头部创业公司。阿里云智能集团董事长兼CEO吴泳铭多次强调，AI将成为阿里巴巴未来十年的核心增长动力。通过资本纽带锁定Kimi这样的明星创业公司，不仅能为阿里云带来海量的算力订单（据悉Kimi是阿里云的大客户之一），更能将先进的模型能力与阿里的电商、云计算等核心业务场景深度融合，构筑生态护城河。对于腾讯而言，此次出手则带有更强的“防守反击”意味。相比阿里的激进，腾讯在早期对基础大模型的投资显得更为审慎，更倾向于投资应用层。然而，随着Kimi在C端市场的爆发式增长（其长文本处理能力一度成为现象级产品），以及其在商业化上的快速突破，腾讯意识到在基础模型的“门票”争夺战中已不容有失。投资Kimi，腾讯不仅获得了一张通往AGI核心的门票，更能将Kimi的能力通过微信小程序、企业微信等生态入口进行分发，补齐自身在AI时代的想象空间。两位“超级股东”的联手，意味着月之暗面获得了中国互联网最顶级的生态资源加持。这种“资本+云+场景”的全方位绑定，让Kimi在与其他独立大模型公司的竞争中，拥有了更为坚固的护城河。就在Kimi高调融资、宣称“不着急上市”的同时，国内大模型赛道的其他玩家却选择了另一条截然不同的路径——拥抱资本市场。2026年1月8日，智谱（02513.HK）正式在港交所挂牌上市，成为全球首家以通用人工智能（AGI）基座模型为核心业务的上市公司。其上市表现堪称惊艳：香港公开发售获1159.46倍认购，国际发售获15.28倍认购，以每股116.20港元计算，募资总额超43亿港元。截至最近6个交易日，智谱股价累计上涨150%，最新市值已突破2200亿港元。紧随其后，上海AI大模型公司MiniMax（00100.HK）于1月9日登陆港交所主板，近3个交易日股价累计上涨65%，市值超过2600亿港元。一边是Kimi在私募市场“吸金”不止，一边是智谱、MiniMax在公开市场“起舞”。这种看似分化的路径选择，实则揭示了AI大模型行业资本运作的成熟与多元。对于智谱和MiniMax而言，上市意味着更透明的监管、更广泛的公众知名度和更稳定的融资平台。在港股市场流动性趋紧的背景下，它们能获得如此高的认购倍数和市值，说明全球资本对中国AI技术实力的认可，也为后续未上市的AI公司树立了估值标杆。而对于月之暗面及其创始人杨植麟来说，选择坚守一级市场，则是一种基于自身判断的战略定力。正如他在内部信中所言，一级市场的资金量在当前阶段“超过绝大部分IPO募资”，且无需承受二级市场短期的业绩季报压力。这能让Kimi更专注于长期的、根本性的技术突破，而不必为了迎合财报而做出短视的商业决策。这种“AB面”的存在，恰恰证明了中国AI生态的活力。无论是通过IPO获得公众认可，还是通过私募融资保持战略灵活，成功的路径不止一条。而Kimi选择了一条更具挑战性但也更具想象空间的“长跑路线”。从“百模大战”到“十强争霸”Kimi融资的热度，不仅仅是单个公司的胜利，更是行业格局深刻演变的一个缩影。摩根大通证券（中国）近日发布的一份研究报告《中国人工智能行业：全球布局与模型创新驱动新一代领军者》精准地捕捉到了这一变化。报告指出，中国人工智能行业正从“百模大战”的草莽阶段，迈入一个以商业化落地能力、模型创新实力及全球化布局为成败关键的新阶段。报告中的一组数据尤为触目惊心：“具备实力且资金充足的模型开发商数量已从超200家缩减至不足10家。”这意味着，经过两年的野蛮生长与残酷淘汰，中国大模型的竞争已经正式进入“幸存者游戏”。资源、人才、流量和资本，正在以前所未有的速度向头部“十强”甚至“五强”集中。Kimi的百亿美金估值，正是这场“集中化”运动的最新注脚。当行业从技术竞赛转向商业系统的构建能力时，大厂的背书和雄厚的资本就成了决定胜负的“压舱石”。公开资料显示，Kimi核心团队由清华大学交叉信息研究院助理教授杨植麟领衔，其成员多来自谷歌、Meta等国际科技巨头。团队凭借其独创的长文本处理技术，在众多大模型中形成了差异化竞争优势，率先在C端用户中建立了“长文档分析助手”的心智模型。而在商业化层面，Kimi的表现同样可圈可点。据全员信透露，Kimi全球付费用户月增速高达170%。尤其是随着具备更强推理能力的K2 Thinking大模型的推出，Kimi在海外的大模型API收入更是增长了4倍。这表明，Kimi的商业模式已经跨越了最初的“烧钱获客”阶段，开始步入由技术创新驱动的“自我造血”正循环。随着阿里、腾讯等平台巨头亲自下场“重注”加码，一个更深层次的问题浮出水面：在巨头环绕的丛林中，独立的AI大模型厂商究竟该如何生存？一种普遍的观点是，未来AI市场将被云厂商巨头所主导，独立的模型厂商要么沦为巨头的附庸，要么被收购。然而，Kimi、智谱、MiniMax们的崛起，正在提供第三种可能性——“结构性中立”。所谓“结构性中立”，即独立大模型厂商通过打造真正的技术壁垒和强大的品牌认知，成为连接各大平台的“超级接口”。它们不与任何单一生态绑定，而是通过API（应用程序接口）、企业级授权或私有化部署等方式，向全市场提供标准化的顶尖AI能力。对于企业客户而言，将核心业务完全绑定在阿里的通义千问或腾讯的混元模型上，存在被单一生态锁定的风险。他们需要一个中立的、技术足够强大的第三方选项，以确保自身的议价能力和供应链安全。Kimi们瞄准的正是这个生态位。业内人士分析，随着算力投入的持续加大与商业化场景的逐步落地，头部独立大模型厂商有望在平台巨头主导的市场中，通过垂直领域深耕与技术创新实现突围。它们不做大而全的“平台”，而是做精做深“模型即服务”（MaaS，即Model as a Service），成为AI时代的“最强发动机”。Kimi此次融资后，其战略意图愈发清晰：利用腾讯的社交场景、阿里的电商场景触达海量用户，但同时保持技术架构和商业模式的独立性。它既可以成为微信里的“AI外挂”，也可以是支付宝里的“智能助手”，但归根结底，它属于Kimi自己的品牌。AI的“春节档”2026年的这个春节，对于中国AI行业而言，注定是一个不平凡的节点。当普通用户沉浸在抢红包、看春晚的喜悦中时，资本的暗流、技术的迭代、商业模式的碰撞，正在这个传统节日里激烈上演。Kimi的百亿估值，是市场对顶尖人才和技术路线的一次重注；智谱和MiniMax的千亿市值，则是公众对AI未来的一次集体投票。杨植麟说“短期不着急上市”，是因为他看到了AGI真正的星辰大海还在远方，当下的融资只是远征的粮草。而选择上市的智谱和MiniMax，则希望借助资本市场的力量，加速商业化落地，构建更稳固的护城河。没有哪一条路是绝对的坦途。在通往AGI的漫长征途中，无论是百亿估值的独角兽，还是千亿市值的上市公司，都不过是刚刚跑完第一公里。真正的战争，才刚刚开始。而这个春节，只是大战前夕，一声格外响亮的号角。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}