# Сопутствующие статьи по теме Valuation

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Valuation", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

The Software Industry Only Has Two Paths Left: Either 10% Growth with AI-Native Products or 40% Real Profit Margins

Software industry faces a binary future: companies must either achieve 10%+ revenue growth through truly new AI-native products or reach 40-50% real operating margins (including stock-based compensation) within 12-18 months. According to a16z's David George, the "comfortable middle ground" is disappearing. Public markets have repriced software valuations, forcing leaders to choose one path decisively. Path 1 requires radical restructuring to build AI-native offerings—not superficial additions—that drive meaningful growth. This involves reallocating 50% of R&D resources, adopting small agile teams, implementing usage-based pricing (tokens), and replacing executives who can't adapt. Path 2 demands extreme cost discipline: flattening hierarchies, minimizing customizations, raising prices strategically, and treating equity as real expense. AI should maximize engineer productivity, with token budgets per engineer seen as essential. Companies failing to commit will face valuation compression and dilution. Leaders must choose: hyper-growth through AI innovation or profitability through ruthless efficiency. No middle path exists.

marsbit03/24 07:18

The Software Industry Only Has Two Paths Left: Either 10% Growth with AI-Native Products or 40% Real Profit Margins

marsbit03/24 07:18

The Investment Circle's Shared Answer: Unitree

English Summary: "Unitree, a leading Chinese humanoid robotics company, has officially filed for a科创板 (STAR Board) IPO, marking a potential 'A-share humanoid robotics first stock.' The company, founded by Wang Xingxing, has demonstrated remarkable commercial success, reporting 2025 revenue of approximately RMB 1.708 billion (a 335% year-on-year increase) and a net profit exceeding RMB 600 million, with gross margins nearing 60%. A key to its growth has been the strategic shift from quadruped robots to humanoids. Its humanoid robot sales surged from just 5 units in 2023 to 5,500 in 2025, with the average selling price dropping significantly to RMB 167,600 while maintaining high profitability. The company boasts a star-studded investor lineup, including Meituan, Sequoia China, Matrix Partners, Tencent, Alibaba, BYD, and Geely, reflecting strong industry and capital consensus on the robotics sector. Its IPO is seen as a major milestone, setting a valuation benchmark for the entire industry and opening a crucial exit channel for investors. The broader humanoid robotics market in China is experiencing a financing boom, with over 133 funding rounds in 2026 alone for 115 companies. However, Unitree acknowledges that a key technological challenge remains: the development of a mature 'brain' (embodied AI) for true autonomous decision-making, not just advanced 'cerebellum' movement control. Despite this, its successful commercialization and path to IPO have made it a standout, with early backers like Lei Jun's Shunwei Capital poised for significant returns."

比推03/23 08:19

The Investment Circle's Shared Answer: Unitree

比推03/23 08:19

Funding Weekly Report | 11 Public Funding Events, Prediction Market Platform Kalshi Completes New Round of Over $1 Billion Funding, Valuation Reaches $22 Billion

Last week (March 16-22) saw 11 blockchain funding rounds totaling over $1.086 billion. Key deals include prediction market platform Kalshi raising over $1 billion at a $22 billion valuation, led by Coatue. In AI x Web3, Gency AI secured $20 million from investors including TikTok to expand its decentralized ad network, while Derivio raised $6 million for its AI-native trading platform. In DeFi, Ironlight Group raised $21 million to expand its compliant tokenized securities infrastructure. Infrastructure player Uniblock raised $5.2 million. In CeFi, stablecoin payment platforms TransFi and Dtcpay raised $19.2 million and $10 million, respectively. Republic also received a strategic investment from Hamilton Lane, bringing its total funding to $202 million.

marsbit03/23 01:21

Funding Weekly Report | 11 Public Funding Events, Prediction Market Platform Kalshi Completes New Round of Over $1 Billion Funding, Valuation Reaches $22 Billion

marsbit03/23 01:21

8,285 Bitcoin, 29 Satellites, One Massive IPO: SpaceX’s Big Week

SpaceX, once holding 28,000 Bitcoin worth $1.8 billion, has reduced its holdings to 8,285 BTC (valued at $574 million) after writing down $373 million in value during 2021-2022. The sell-off coincided with major crypto market downturns. The company is now preparing for a historic IPO, targeting a $50 billion raise and a $1.75 trillion valuation. Despite Bitcoin being a small portion of its assets, its presence on the balance sheet is symbolically significant for institutional adoption. SpaceX recently launched 29 Starlink satellites, expanding its constellation to nearly 10,000 satellites. Starlink revenue is projected to reach $24 billion in 2026, driving the company’s valuation ahead of the public listing.

bitcoinist03/22 02:02

8,285 Bitcoin, 29 Satellites, One Massive IPO: SpaceX’s Big Week

bitcoinist03/22 02:02

Cursor's "Shelling" Kimi Controversy Reverses: From Infringement Allegations to Authorized Cooperation, China's Open-Source Models Once Again Become the Global AI Foundation

On March 20, AI programming tool Cursor (parent company Anysphere, valued at $29.3 billion) released its self-developed model Composer 2, claiming performance improvements through continued pre-training and reinforcement learning, without disclosing the base model source. Shortly after, a captured API request revealed the model ID as "kimi-k2p5-rl-0317-s515-fast," suggesting it was built on Kimi K2.5. Moonshot AI’s pre-training lead Du Yulun initially accused Cursor of violating Kimi’s modified MIT license, which requires commercial products exceeding certain revenue or user thresholds to credit Kimi model usage. The controversy gained traction with Elon Musk’s public comment. However, the situation reversed when Moonshot AI officially congratulated Cursor, clarifying that the usage was authorized through Fireworks AI’s commercial platform. Cursor’s co-founder Aman Sanger and VP Lee Robinson later explained that Kimi K2.5 was selected as the strongest base model after evaluation, and Composer 2 involved significant additional training by Cursor. They admitted failure to credit Kimi initially was a mistake. This incident highlights the growing influence of Chinese open-source models in the global AI ecosystem, as noted by Hugging Face’s CEO. It also serves as indirect validation for Moonshot AI, which is currently raising funds at a $18 billion valuation, suggesting its technology may be even more valuable than estimated.

marsbit03/21 01:52

Cursor's "Shelling" Kimi Controversy Reverses: From Infringement Allegations to Authorized Cooperation, China's Open-Source Models Once Again Become the Global AI Foundation

marsbit03/21 01:52

How Dirty Money Funded an AI Unicorn: The 'Altruistic' Gambit of a Crypto Fraudster

Sam Bankman-Fried (SBF), the convicted crypto fraudster behind the collapse of FTX, made a $500 million investment in AI company Anthropic in April 2022 through his hedge fund Alameda Research. The investment, which came from misappropriated customer funds, secured an 8% stake in Anthropic. At the time, Anthropic was a relatively unknown AI safety startup embedded within the Effective Altruism (EA) movement, a philosophy both SBF and Anthropic's founders were part of. The EA community, which prioritizes maximizing positive impact, often through high-risk means, connected the key players. Despite recognizing "red flags," Anthropic accepted the investment for its strategic value but granted SBF no voting rights or board seat. Following FTX's collapse in November 2022, SBF was sentenced to 25 years in prison. His Anthropic shares were seized and sold by FTX's bankruptcy estate for $1.34 billion to repay creditors. Had the estate held the shares, they would be worth over $30 billion today, given Anthropic's recent valuation of $380 billion. The story highlights the deep ties between Anthropic's founding, its early funding, and the EA movement, though the company has since distanced itself from the EA label post-SBF. It underscores the ethical compromises in pursuit of "effective" outcomes and remains a stark chapter in both crypto fraud and AI venture history.

比推03/19 14:16

How Dirty Money Funded an AI Unicorn: The 'Altruistic' Gambit of a Crypto Fraudster

比推03/19 14:16

Annual Revenue of Hundreds of Millions, Aggressive Buybacks: Why is Pump.fun Still Being 'Shorted' by the Market?

Despite circulating rumors, on-chain evidence and multiple independent data sources (DeFiLlama, Dune, and verifiable wallet transactions) confirm that Pump.fun's revenue and aggressive buyback program are legitimate. Over eight months, 99.5% of daily protocol revenue—totaling $328 million—was used to repurchase and burn 105.1 billion PUMP tokens, offsetting 29.52% of the circulating supply. Statistical analyses of the 747-day revenue data further validate its authenticity, showing expected patterns like weekend effects, autocorrelation, and structural breaks aligned with product updates. However, PUMP's valuation remains suppressed due to three key factors: its classification as a "sin stock" (98.6% of tokens launched on the platform are alleged scam "rug pulls"), trust issues (anonymous founders, discretionary buyback policy, and historical controversies), and insider selling pressure (notable wallets dumping tokens at market prices despite the buyback). While community token emissions will stop in July 2026—reducing monthly inflation from 10 billion to 9.2 billion tokens—current buybacks already absorb twice the new supply. The trust discount, rather than fundamentals, explains the undervaluation of a protocol generating $1.25 million in daily verifiable revenue.

marsbit03/19 10:12

Annual Revenue of Hundreds of Millions, Aggressive Buybacks: Why is Pump.fun Still Being 'Shorted' by the Market?

marsbit03/19 10:12

Crypto's First Reverse Equity Stake in Hong Kong Stock: The New Capital Model Experiment Behind Pharos' $1 Billion Valuation

Crypto Project Pharos Pioneers Reverse Equity Deal with Hong Kong-Listed Company GCLNE at $1 Billion Valuation In a landmark move, the crypto project Pharos has entered a novel capital partnership with Hong Kong-listed GCL New Energy (0451.HK), valuing Pharos at nearly $1 billion. The deal represents a significant innovation in crypto financing, structured as a conditional, performance-based agreement rather than a simple investment. The core of the deal is a two-way, conditional capital injection. GCLNE will invest in Pharos tokens, but the investment is contingent on the performance of the Pharos token post-listing. Simultaneously, Pharos will acquire a stake in GCLNE at a discount. The capital exchanges occur in tranches, with each tranche for both the equity and token portions unlocking only when specific performance milestones for the Pharos token are met. This creates a tightly coupled model where both sides win or lose together based on the token's market success. This structure provides GCLNE, a major Asian solar energy operator, with a risk-controlled entry into the crypto and RWA (Real World Assets) space, offering potential new avenues for capitalizing its physical assets. For Pharos, an institutional-focused Layer 1 blockchain, it delivers a major trust endorsement, a public confidence signal, and a pioneering status as the first crypto project to strategically hold equity in a traditional listed company. The partnership is seen as a natural alignment. GCLNE seeks efficient financial tools to tokenize and monetize its extensive green energy assets, while Pharos aims to be an infrastructure for real-world financial assets. The deal, supported by a Hong Kong Stock Exchange filing, sets a potential precedent for future hybrid capital models between traditional equity and crypto, shifting the industry focus from pure narrative to verifiable performance and兑现力 (fulfillment capability).

marsbit03/19 02:47

Crypto's First Reverse Equity Stake in Hong Kong Stock: The New Capital Model Experiment Behind Pharos' $1 Billion Valuation

marsbit03/19 02:47

Heavy Recommendation in Less Than a Month, Goldman Sachs Suggests "Going Short" on HALO Trade

Goldman Sachs has executed a sharp reversal in its investment recommendation regarding the HALO (Heavy Assets, Low Obsolescence) trade within a month. After actively promoting the HALO narrative in late February, citing the AI-driven surge in capital expenditure from tech giants and structural tailwinds for physical assets, the bank now recommends shorting a specific basket of U.S. stocks, labeled GSXUHALT. This basket targets companies with high asset density but zero or negative earnings growth expectations, whose stock prices have rallied excessively alongside the broader HALO theme without fundamental support. Goldman's analysis indicates the market has been indiscriminately buying heavy-asset stocks, pushing some low-quality names to outperform higher-quality counterparts. The bank's data shows this basket peaked in late February and has begun to decline. The shift signals that the HALO trade's initial phase may be over, and internal differentiation is crucial. Goldman advises pairing this short position with thematic long opportunities, noting that the recent market pullback has created significant "buy-the-dip" potential in other sectors. The core message is that not all heavy-asset stocks are equal; investors must now distinguish between those with durable competitive advantages and those merely riding the trend.

marsbit03/19 02:21

Heavy Recommendation in Less Than a Month, Goldman Sachs Suggests "Going Short" on HALO Trade

marsbit03/19 02:21

IBM Loses $40 Billion, Block Lays Off Half Its Workforce Yet Stock Rises: In the AI Era, What Assets Are Worth Tokenizing?

On February 23, 2026, IBM’s stock plummeted 13.2%, erasing $40 billion in market value, after AI startup Anthropic announced its Claude Code tool could modernize IBM’s legacy COBOL systems—a core profit driver for IBM. In contrast, Block’s stock surged 24% three days later despite announcing a 50% workforce reduction, citing AI-driven efficiency gains. These divergent reactions highlight how AI is redefining asset value. The article argues AI acts as a "repricer" of assets, favoring those with "AI immunity." Key traits include non-codability (e.g., IBM’s hardware-software integration, which AI can’t fully replicate), data moats (exclusive, high-quality data), and AI-augmentability (assets enhanced, not replaced, by AI). Assets vulnerable to AI are those reliant on human intermediation or standardized processes. The framework extends to real-world asset (RWA) tokenization. Assets worth tokenizing are those resilient to AI-driven devaluation, such as energy infrastructure, GPU computing power, exclusive data assets, and hybrid physical-digital assets. The piece cautions against tokenizing assets dependent on human intermediaries or lacking data moats. The conclusion urges executives to stress-test their asset portfolios using the "AI immunity" framework, dynamically manage asset allocation, and carefully evaluate RWA strategies based on AI resilience. It emphasizes that in the AI era, sustainable assets are those that leverage human judgment and possess inherent physical or exclusive value.

marsbit03/19 01:25

IBM Loses $40 Billion, Block Lays Off Half Its Workforce Yet Stock Rises: In the AI Era, What Assets Are Worth Tokenizing?