为何人工智能初创企业以两种不同价格出售相同股权？
内容总结：
随着人工智能初创企业竞争日趋白热化，创始人与风险投资机构正通过新型估值机制塑造市场领先地位的形象。以往备受追捧的公司往往在短期内以节节攀升的估值完成多轮融资，但频繁融资会分散创始人专注产品开发的精力。为此，领投机构设计出一种新型定价结构，将原本可能分两轮完成的融资合并为一次性操作。
近期采用该模式的案例包括合成客户研究初创企业Aaru的A轮融资。据《华尔街日报》报道，领投方红点资本将大部分资金按4.5亿美元估值注入，小部分资金则按10亿美元估值投资，其他跟投机构均按10亿美元估值参与。这使得Aaru虽以较低估值出让了大部分股权，仍能宣称跻身"独角兽"行列。
Primary Ventures普通合伙人杰森·舒曼指出："这种操作表明风投机构争夺项目的竞争已异常激烈。巨额估值标题既能震慑其他机构，阻止其投资行业第二、三名玩家。"尽管领投方的平均投资估值远低于表面数字，但惊人的"标题估值"仍能营造出市场赢家的光环。
多位投资者表示，这种领投方在同一轮次中按两种估值分拆投资的操作前所未见。FPV Ventures联合创始人陈慧敏将此比作泡沫化征兆："同一产品不应有两种售价，只有航空公司才能如此定价。"
通常情况下，初创企业会给予顶级风投估值折扣，因为其背书能吸引人才和后续资本。但由于当前融资常超额认购，初创企业转而允许迫切的投资方以显著更高的估值即时参与——这是进入热门投资名单的唯一途径。
据《华尔街日报》披露，AI运维服务平台Serval同样给予领投方红杉资本优惠估值，其最低进入估值为4亿美元，但去年12月宣布的7500万美元B轮融资却标榜10亿美元估值。
这种高估值策略虽有助于招募人才并吸引青睐市场领导者的企业客户，但暗藏风险。舒曼警告，尽管这些企业的实际混合估值低于10亿美元，下一轮融资却必须超越这个"标题数字"，否则将面临估值下调的惩罚性融资。一旦市场环境变化，企业可能难以支撑高估值，导致员工股权稀释，并动摇合作伙伴、客户及未来投资者的信心。
泰尔资本董事总经理杰克·塞尔比以2022年的市场剧烈调整为例警示创始人："追逐极端估值犹如走钢丝，随时可能坠落。"
中文翻译：
随着人工智能初创企业间的竞争日趋白热化，创始人及风投机构正借助新型估值机制营造市场主导地位的假象。
此前，最受追捧的企业往往能在短期内以节节攀升的估值完成多轮融资。然而，频繁融资会分散创始人打磨产品的精力，为此头部风投设计出一种新型定价结构，将原本两轮独立的融资周期合并为一轮。
近期采用此方案的案例包括Aaru的A轮融资。据《华尔街日报》报道，这家合成客户研究初创企业的本轮融资由红点创投领投，其大部分投资以4.5亿美元估值注入。根据本刊调查，红点随后又以10亿美元估值追加小部分投资，其他风投机构也以相同估值水平跟投。TechCrunch率先披露了Aaru采用分层估值的融资细节。
这种方式使Aaru这类热门初创企业得以自称"独角兽"（估值超10亿美元），尽管其大部分股权是以较低估值售出的。"这标志着风投机构争夺项目的市场竞争已异常激烈，"Primary Ventures普通合伙人杰森·舒曼表示，"若头条估值数字足够惊人，还能有效吓退其他试图投资行业第二、第三名企业的风投机构。"
尽管领投机构的平均投资估值远低于名义估值，但惊人的"头条"估值仍能营造出市场赢家的光环。多位投资者向TechCrunch透露，这种领投方在同一轮融资中按两种估值分层注资的操作，在近期之前闻所未闻。
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FPV Ventures联合创始人兼管理合伙人陈维耀视这种估值策略为泡沫化征兆。"同一产品怎能有两种售价？只有航空公司能这样操作。"在多数情况下，创始人会给顶级风投折扣价，因为他们的参与能释放强烈的市场信号，有助于吸引人才和后续资本。
但由于这类融资常出现超额认购，初创企业找到了消化过剩需求的方法：不再拒绝热情的投资方，而是允许他们立即以更高估值参与。这些投资者愿意支付溢价，因为这是进入热门企业股东名册的唯一途径。
据《华尔街日报》披露，人工智能IT服务台初创企业Serval也采用了类似的领投方优惠定价策略。虽然红杉资本的最低进入估值是4亿美元，但Serval在去年12月宣布的7500万美元B轮融资中，公司估值已达10亿美元。
尽管高企的"头条"估值有助于招募人才，并吸引那些更青睐市场主导企业的客户，但这种策略并非没有风险。舒曼指出，虽然这些企业的真实混合估值低于10亿美元，但下一轮融资估值必须高于头条估值，否则将面临惩罚性的估值下调融资。
这些企业当前虽备受追捧，但未来可能遭遇意外挑战，使其难以支撑高估值。一旦发生估值下调融资，员工和创始人的持股比例将缩水，同时也会动摇合作伙伴、客户、未来投资者及潜在新员工的信心。
泰尔资本董事总经理、Copper Sky Capital创始人杰克·塞尔比警告创始人，追逐极端估值如同走钢丝，并以2022年惨烈的市场回调为鉴："若执意进行这种高空表演，坠落风险将如影随形。"
英文来源：
As competition among AI startups heats up, founders and VCs are turning to novel valuation mechanisms to manufacture a perception of market dominance.
Until recently, the most sought-after companies raised multiple rounds of funding in quick succession at escalating valuations. However, because constant fundraising distracts founders from building their products, lead VCs have devised a new pricing structure that effectively consolidates what would have been two separate funding cycles into one.
Recent rounds employing this scheme include Aaru’s Series A. The synthetic-customer research startup raised a round led by Redpoint, which invested a large portion of its check at a $450 million valuation, The Wall Street Journal reported. Redpoint then invested a smaller portion at a $1 billion valuation, and other VCs joined at that same $1 billion price point, according to our reporting. TechCrunch was the first to report Aaru’s financing, including its multi-tiered valuation.
The approach allows desirable startups like Aaru to call themselves a unicorn — valued at more than $1 billion — even though a significant portion of the equity was acquired at a lower price.
“It is a sign that the market is incredibly competitive for venture capital firms to win deals,” said Jason Shuman, a general partner at Primary Ventures. “If the headline number is huge, it’s also an incredible strategy to scare away other VCs from backing the number two and number three players.”
The massive “headline” valuation creates the aura of a market winner, even though the lead VC’s average price was significantly lower.
Multiple investors told TechCrunch that until recently, they had never encountered a deal where a lead investor splits their capital between two different valuation tiers in a single round.
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Wesley Chan, co-founder and managing partner at FPV Ventures, views this valuation tactic as a symptom of bubble-like behavior. “You can’t sell the same product at two different prices. Only airlines can get away with this,” he said.
In most cases, founders offer a discount to top-tier VCs because their involvement serves as a powerful market signal that helps attract talent and future capital.
But since these rounds are frequently oversubscribed, startups have found a way to accommodate the excess interest: Rather than turning away eager investors, they allow them to participate immediately, but at a significantly higher price. These investors are willing to pay that premium because it is the only way to secure a spot on a high-demand cap table.
Another startup that gave preferential pricing to its lead investor is Serval, an AI-powered IT help desk startup, according to The Wall Street Journal. While Sequoia’s lowest entry price was at a $400 million valuation, Serval announced in December that its $75 million Series B valued the company at $1 billion.
While the high “headline” valuation can help recruit talent and attract corporate customers who may view the company as having a stronger market position than its competitors, the strategy is not without its risks.
Even though the true, blended valuation for these startups is lower than $1 billion, they are expected to raise their next round at a valuation that is higher than the headline price; otherwise it will be a punitive down round, Shuman said.
These companies are in high demand now, but they may face unexpected challenges that will make it very hard for them to justify their high valuations. In a down round, employees and founders end up with a smaller ownership percentage of the company; they can also erode the confidence of partners, customers, future investors, and potential new hires.
Jack Selby, managing director at Thiel Capital and founder of Copper Sky Capital, warns founders that chasing extreme valuations is a dangerous game, pointing to the painful market reset of 2022 as a cautionary tale. “If you put yourself on this high-wire act, it’s very easy to fall off,” he said.