2026 上半年中美 AI 一级市场资本动向

Executive Summary · English

(Data as of 2026-08-01) US venture funding hit a record $412.7B in H1 2026 with 86% flowing to AI; global venture reached $510B, already exceeding all of 2025, and OpenAI plus Anthropic absorbed 43% of it. Late July escalated the race: DeepSeek V4 went GA on July 20 with first-of-its-kind peak/off-peak API pricing; Kimi K3's weights were open-sourced on July 26 as promised, while Moonshot closed a $3.5B round at a $35B post-money valuation and reportedly seeks a pre-IPO round at up to $50B; Anthropic's October listing window nears while OpenAI reportedly leans toward delaying to 2027; WAIC closed in Shanghai with the launch of the world's first intergovernmental AI organization; Nvidia tightened its Asia customer compliance whitelist. This edition preserves the original analytical framework and refreshes all data and developments.

• 01US venture funding hit a record $412.7B in H1 2026, nearly 30% above all of 2025, with AI taking $355.9B (86%); global venture reached $510B, surpassing 2025's full-year $440B (PitchBook/Crunchbase)
• 02OpenAI ($122B raised at an $852B valuation) and Anthropic ($95.6B) together captured 43% of global venture funding; Anthropic filed a confidential S-1 on June 1 targeting a Nasdaq listing as early as October to raise over $60B, with secondary markets implying a $1.05-1.15T valuation; OpenAI reportedly leans toward delaying its IPO to 2027
• 03DeepSeek closed its first external round of roughly RMB 50B (~$52B post-money) in late May, with founder Liang Wenfeng personally contributing RMB 20B (40%); on July 15 it was reported in talks for a new round at roughly $71-74B; DeepSeek V4 went GA on July 20 (1.6T-parameter MoE, 1M-token context across the lineup) with first-of-its-kind peak/off-peak API pricing
• 04Moonshot AI released the 2.8-trillion-parameter Kimi K3 on July 16, topping Frontend Code Arena at 1,679 points over Claude Fable 5 (1,631) and GPT-5.6 Sol (1,618); weights were open-sourced on July 26 as promised (largest open-weights model ever); in late July Moonshot closed a $3.5B round at a $35B post-money valuation (June ARR ~$300M) and reportedly plans a pre-IPO round at up to $50B, possibly listing in Hong Kong this year
• 05Zhipu completed a ~HK$31.4B H-share placement on July 9 (HK$1,588/share, the year's largest single tech placement in Hong Kong); on July 11 founder Tang Jie's internal letter launched the 'Touch High' plan targeting long-horizon tasks, autonomous agents, fully self-training systems and safety governance; GLM-5.2 was released and open-sourced on June 17
• 06Regulation entered release cadence for the first time: GPT-5.6 rolled out in stages under the June 2 executive order's pre-release review, opening broadly only on July 9; Nvidia imposed a compliance whitelist on Asian customers on July 14 (reportedly over half of past customers failed); WAIC closed on July 20 with the launch of the World AI Cooperation Organization, the first intergovernmental AI body, headquartered in Shanghai