\u6587 | \u878d\u4e2d\u8d22\u7ecf<\/p>\n
2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u56fd\u5185\u91cf\u5b50\u8ba1\u7b97\u8d5b\u9053\u72c2\u63fd\u7ea633\u4ebf\u5143\u878d\u8d44<\/a>\uff0c\u878d\u8d44\u89c4\u6a21\u76f4\u63a5\u8d85\u8d8a\u4e862025\u5e74\u5168\u5e74\u768424.73\u4ebf\u5143\u3002<\/p>\n \u8fd9\u4e2a\u66fe\u88ab\u6295\u8d44<\/a>\u5708\u620f\u79f0\u4e3a\u201c\u6c38\u8fdc\u79bb\u5546\u4e1a\u5316\u8fd8\u6709\u5341\u5e74\u201d\u7684\u9886\u57df\uff0c\u6b63\u5728\u8fce\u6765\u4e00\u573a\u4e0d\u5bb9\u5ffd\u89c6\u7684\u201c\u4ea7\u4e1a\u5316\u89c9\u9192\u201d\u3002<\/p>\n 2018\u5e74\u4e2d\u79d1\u521b\u661f\u6295\u8d44\u672c\u6e90\u91cf\u5b50\u65f6\uff0c\u4e0d\u5c11\u4eba\u8fd8\u89c9\u5f97\u91cf\u5b50\u8ba1\u7b97\u53ea\u662f\u201c\u79d1\u5e7b\u201d\u6982\u5ff5\uff1b\u5982\u4eca\u56fd\u5bb6\u201c\u5341\u4e94\u4e94\u201d\u89c4\u5212\u5df2\u5c06\u91cf\u5b50\u6280\u672f\u4e0e\u5177\u8eab\u667a\u80fd\u3001\u53ef\u63a7\u6838\u805a\u53d8\u5e76\u5217\uff0c\u7eb3\u5165\u672a\u6765\u4ea7\u4e1a\u7684\u6838\u5fc3\u4e3b\u653b\u65b9\u5411\u3002\u516b\u5e74\u65f6\u95f4\uff0c\u8fd9\u573a\u7b97\u529b\u9769\u547d\u7684\u53d9\u4e8b\uff0c\u7ec8\u4e8e\u4ece\u5b9e\u9a8c\u5ba4\u63a2\u7d22\u8d70\u5411\u4e86\u56fd\u5bb6\u6218\u7565\u5e03\u5c40\u3002<\/p>\n \u8d5b\u9053\u5934\u90e8\u4f01\u4e1a\u7684\u8d44\u672c\u5316\u7ade\u901f\u4e5f\u6b63\u5f0f\u6253\u54cd\u3002\u56fd\u4eea\u91cf\u5b502025\u5e7412\u6708\u6b63\u5f0f\u9012\u4ea4\u4e86\u79d1\u521b\u677fIPO<\/a>\u7533\u8bf7\u5e76\u83b7\u53d7\u7406\uff1b\u672c\u6e90\u91cf\u5b50\u4e8e2025\u5e749\u6708\u542f\u52a8\u4e86IPO\u8f85\u5bfc\uff1b\u91cf\u65cb\u79d1\u6280\u5df2\u542f\u52a8Pre-IPO\u8f6e\u878d\u8d44\uff1b\u73bb\u8272\u91cf\u5b50\u3001\u56fe\u7075\u91cf\u5b50\u3001\u903b\u8f91\u6bd4\u7279\u7b49\u5934\u90e8\u4f01\u4e1a\u4e5f\u51ed\u501f\u5927\u989d\u878d\u8d44\u4e0e\u6280\u672f\u4f18\u52bf\uff0c\u5177\u5907\u660e\u786e\u7684\u4e0a\u5e02<\/a>\u6f5c\u529b\uff0cA\u80a1\u201c\u91cf\u5b50\u8ba1\u7b97\u7b2c\u4e00\u80a1\u201d\u7684\u89d2\u9010\u8fdb\u5165\u4e86\u5012\u8ba1\u65f6\u3002<\/p>\n \u91cf\u5b50\u8ba1\u7b97\u662f\u4ec0\u4e48\uff1f<\/p>\n \u5f53\u524d\u4e2d\u56fd\u91cf\u5b50\u79d1\u6280\u5df2\u5f62\u6210\u91cf\u5b50\u901a\u4fe1\u3001\u91cf\u5b50\u8ba1\u7b97\u3001\u91cf\u5b50\u7cbe\u5bc6\u6d4b\u91cf\u4e09\u5927\u8d5b\u9053\uff1a<\/p>\n \u91cf\u5b50\u901a\u4fe1\u7387\u5148\u5b9e\u73b0\u89c4\u6a21\u5316\u5546\u7528\uff0c\u662f\u76ee\u524d\u552f\u4e00\u6210\u719f\u53ef\u76c8\u5229\u7684\u677f\u5757\uff0c\u6bd4\u5982A\u80a1\u4e0a\u5e02\u7684\u56fd\u76fe\u91cf\u5b50\uff0c\u5c31\u662f\u8be5\u9886\u57df\u6700\u5177\u4ee3\u8868\u6027\u7684\u9f99\u5934\u4f01\u4e1a\uff1b<\/p>\n \u91cf\u5b50\u8ba1\u7b97\u662f\u5168\u7403\u79d1\u6280\u7ade\u4e89\u7684\u6838\u5fc3\u6218\u573a\uff0c\u4ecd\u5904\u4e8e\u6280\u672f\u653b\u575a\u4e0e\u65e9\u671f\u4ea7\u4e1a\u5316\u9636\u6bb5\uff1b<\/p>\n \u91cf\u5b50\u7cbe\u5bc6\u6d4b\u91cf\u5219\u805a\u7126\u9ad8\u7cbe\u5ea6\u5de5\u4e1a\u4e0e\u79d1\u7814\u573a\u666f\uff0c\u5904\u4e8e\u4ea7\u4e1a\u5316\u521d\u671f\u3002<\/p>\n \u5176\u4e2d\uff0c\u91cf\u5b50\u8ba1\u7b97\u662f\u4e09\u5927\u8d5b\u9053\u4e2d\u8d44\u672c\u6700\u70ed\u3001\u6218\u7565\u4ef7\u503c\u6700\u9ad8\u7684\u65b9\u5411\u3002<\/p>\n \u7ecf\u5178\u8ba1\u7b97\u673a\u4ee5\u201c\u6bd4\u7279\u201d\u5b58\u50a8\u4fe1\u606f\uff0c\u4e00\u4e2a\u6bd4\u7279\u53ea\u80fd\u662f0\u62161\uff0c\u975e\u6b64\u5373\u5f7c\u3002\u800c\u91cf\u5b50\u8ba1\u7b97\u673a\u4f7f\u7528\u201c\u91cf\u5b50\u6bd4\u7279\u201d\uff0c\u5176\u6700\u53cd\u76f4\u89c9\u7684\u7279\u6027\u662f\uff1a\u4e00\u4e2a\u91cf\u5b50\u6bd4\u7279\u53ef\u540c\u65f6\u5904\u4e8e0\u548c1\u7684\u72b6\u6001\uff0c\u8fd9\u5c31\u662f\u201c\u53e0\u52a0\u6001\u201d\u3002<\/p>\n \u6253\u4e2a\u6bd4\u65b9\uff1a\u7ecf\u5178\u8ba1\u7b97\u673a\u5bfb\u627e\u51fa\u53e3\uff0c\u8981\u4e00\u6761\u4e00\u6761\u8def\u5f84\u8bd5\u8fc7\u53bb\uff1b\u91cf\u5b50\u8ba1\u7b97\u673a\u5219\u662f\u80fd\u6240\u6709\u8def\u5f84\u540c\u65f6\u8d70\uff0c\u6700\u540e\u901a\u8fc7\u201c\u91cf\u5b50\u5e72\u6d89\u201d\u628a\u6b63\u786e\u7b54\u6848\u7684\u6982\u7387\u653e\u5927\u3001\u9519\u8bef\u7b54\u6848\u7684\u6982\u7387\u62b5\u6d88\u3002\u8fd9\u79cd\u5e76\u884c\u8ba1\u7b97\u80fd\u529b\uff0c\u8ba9\u91cf\u5b50\u8ba1\u7b97\u673a\u5728\u7279\u5b9a\u95ee\u9898\u4e0a\u5177\u5907\u6307\u6570\u7ea7\u7684\u52a0\u901f\u6f5c\u529b\u3002<\/p>\n 1981\u5e74\uff0c\u8bfa\u8d1d\u5c14\u7269\u7406\u5b66\u5956\u5f97\u4e3b\u8d39\u66fc\u63d0\u51fa\u4e86\u4e00\u4e2a\u5173\u952e\u95ee\u9898\uff1a\u7528\u7ecf\u5178\u8ba1\u7b97\u673a\u53bb\u6a21\u62df\u5fae\u89c2\u91cf\u5b50\u4e16\u754c\uff0c\u53ea\u8981\u7c92\u5b50\u4e00\u591a\uff0c\u8ba1\u7b97\u91cf\u5c31\u4f1a\u7206\u70b8\u5f0f\u66b4\u6da8\uff0c\u6839\u672c\u7b97\u4e0d\u52a8\u3002\u90a3\u4e3a\u4ec0\u4e48\u4e0d\u76f4\u63a5\u8ba9\u91cf\u5b50\u7cfb\u7edf\u81ea\u5df1\u6765\u6a21\u62df\u91cf\u5b50\u7cfb\u7edf\uff1f\u91cf\u5b50\u8ba1\u7b97\u7684\u6784\u60f3\uff0c\u5c31\u6b64\u8bde\u751f\u3002<\/p>\n 1994\u5e74\uff0c\u6570\u5b66\u5bb6\u8096\u5c14\u63d0\u51fa\u201c\u8096\u5c14\u7b97\u6cd5\u201d\u2014\u2014\u7528\u91cf\u5b50\u8ba1\u7b97\u673a\u5206\u89e3\u5927\u6574\u6570\uff0c\u6548\u7387\u8f83\u7ecf\u5178\u7b97\u6cd5\u5448\u6307\u6570\u7ea7\u63d0\u5347\u3002\u8fd9\u610f\u5473\u7740\u5f53\u4e0b\u4e92\u8054\u7f51\u5e7f\u6cdb\u5e94\u7528\u7684RSA\u52a0\u5bc6\u4f53\u7cfb\uff0c\u5728\u91cf\u5b50\u8ba1\u7b97\u673a\u9762\u524d\u5c06\u5931\u53bb\u9632\u62a4\u6548\u529b\uff0c\u91cf\u5b50\u8ba1\u7b97\u4e5f\u56e0\u6b64\u6210\u4e3a\u4e86\u5404\u56fd\u4e89\u593a\u7684\u79d1\u6280\u6218\u7565\u5236\u9ad8\u70b9\u3002<\/p>\n \u4f46\u91cf\u5b50\u6bd4\u7279\u6781\u4e3a\u8106\u5f31\uff0c\u6e29\u5ea6\u6ce2\u52a8\u3001\u7535\u78c1\u5e72\u6270\uff0c\u751a\u81f3\u5fae\u5c0f\u9707\u52a8\uff0c\u90fd\u4f1a\u5bfc\u81f4\u91cf\u5b50\u6001\u201c\u574d\u7f29\u201d\u4e3a\u7ecf\u5178\u6001\u3001\u5f15\u53d1\u8ba1\u7b97\u9519\u8bef\uff0c\u8fd9\u5c31\u662f\u56f0\u6270\u884c\u4e1a\u6570\u5341\u5e74\u7684\u201c\u9000\u76f8\u5e72\u201d\u96be\u9898\u30022024\u5e74\u5e95\uff0c\u8c37\u6b4c\u53d1\u5e03105\u6bd4\u7279Willow\u82af\u7247<\/a>\uff0c\u9996\u6b21\u5b9e\u73b0\u4e86\u201c\u8d8a\u7ea0\u8d8a\u5bf9\u201d\uff1a\u91cf\u5b50\u6bd4\u7279\u6570\u91cf\u589e\u52a0\u7684\u540c\u65f6\uff0c\u9519\u8bef\u7387\u53cd\u800c\u6210\u500d\u4e0b\u964d\uff0c\u6807\u5fd7\u7740\u91cf\u5b50\u8ba1\u7b97\u6b63\u5f0f\u8fc8\u5165\u201c\u7ea0\u9519\u65f6\u4ee3\u201d\u3002<\/p>\n \u76ee\u524d\u5168\u7403\u4e3b\u6d41\u91cf\u5b50\u8ba1\u7b97\u6280\u672f\u8def\u7ebf\u6709\u516d\u6761\uff1a\u8d85\u5bfc\u3001\u5149\u91cf\u5b50\u3001\u79bb\u5b50\u9631\u3001\u4e2d\u6027\u539f\u5b50\u3001\u7845\u534a\u5bfc\u4f53\u3001\u62d3\u6251\u91cf\u5b50\u3002<\/p>\n \u8d44\u672c\u72c2\u6f6e\uff1a\u8c01\u5728\u6295\uff1f\u6295\u7ed9\u8c01\uff1f<\/p>\n 2026\u5e74\u4e00\u5b63\u5ea6\uff0c\u91cf\u5b50\u8d5b\u9053\u5728\u4e00\u7ea7\u5e02\u573a\u6301\u7eed\u706b\u70ed\u3002<\/p>\n 1\u6708\uff0c\u56fe\u7075\u91cf\u5b50\u5b8c\u6210\u4e86\u6570\u4ebf\u5143\u7684B\u8f6e\u53ca\u6218\u7565\u878d\u8d44\uff0c\u6295\u540e\u4f30\u503c\u8fd170\u4ebf\u5143\uff1b<\/p>\n 2\u6708\uff0c\u76f8\u5e72\u79d1\u6280\u62ff\u4e0bPre-A\u8f6e\u6570\u4ebf\u5143\u878d\u8d44\uff1b<\/p>\n 3\u670811\u65e5\uff0c\u592a\u4e00\u91cf\u751f\u5237\u65b0\u4e86\u534a\u5e74\u5185\u56fd\u5185\u91cf\u5b50\u4f01\u4e1a\u7684\u5929\u4f7f\u8f6e\u878d\u8d44\u7eaa\u5f55\u3001\u676d\u5dde\u539f\u5b50\u77e9\u9635\u4e5f\u5ba3\u5e03\u5b8c\u6210\u5929\u4f7f\u8f6e\u878d\u8d44\uff1b<\/p>\n 3\u670817\u65e5\uff0c\u676d\u5dde\u903b\u8f91\u6bd4\u7279\u5ba3\u5e03\u5b8c\u6210\u6570\u4ebf\u5143Pre-A\u8f6e\u3001Pre-A++\u8f6e\u878d\u8d44\uff0c\u5438\u5f15\u4e86\u8fbe\u6668\u8d22\u667a\u3001\u7ecf\u7eac\u521b\u6295<\/a>\u3001\u534e\u63a7\u57fa\u91d1\u3001\u6df1\u521b\u6295\u3001\u6d77\u671b\u8d44\u672c\u7b49\u8054\u5408\u5165\u5c40\uff1b<\/p>\n 3\u670829\u65e5\uff0c\u5408\u80a5\u5e7a\u6b63\u91cf\u5b50\u5b8c\u6210\u6570\u4ebf\u5143Pre-A\u8f6e\u878d\u8d44\uff0c\u8682\u8681\u96c6\u56e2\u548c\u5409\u5229<\/a>\u8d44\u672c\u8054\u5408\u9886\u6295\uff1b<\/p>\n 3\u670831\u65e5\uff0c\u5317\u4eac\u73bb\u8272\u91cf\u5b50\u5b8c\u621010\u4ebf\u5143B\u8f6e\u878d\u8d44\uff1b<\/p>\n 4\u67083\u65e5\uff0c\u6df1\u5733\u91cf\u65cb\u79d1\u6280\u5b98\u5ba3\u5b8c\u62106\u4ebf\u5143C+\u8f6e\u878d\u8d44\uff0cC\u7cfb\u5217\u7d2f\u8ba1\u878d\u8d44\u8fd110\u4ebf\u5143\uff0c\u5e76\u540c\u6b65\u542f\u52a8Pre-IPO\u8f6e\u878d\u8d44\uff1b<\/p>\n 4\u67089\u65e5\uff0c\u5317\u4eac\u4e24\u4eea\u4e07\u8c61\u5b8c\u6210\u4ebf\u5143\u7ea7A\u8f6e\u878d\u8d44\uff1b<\/p>\n IT\u6854\u5b50\u6570\u636e\u663e\u793a\uff0c\u4ece2017\u5e74\u81f3\u4eca\uff0c\u56fd\u5185\u91cf\u5b50\u8ba1\u7b97\u8d5b\u9053\u7d2f\u8ba1\u878d\u8d44\u62ab\u9732\u91d1\u989d\u5df2\u8d85120\u4ebf\u5143\uff0c\u603b\u878d\u8d44\u8f6e\u6b21\u8d85140\u8d77\u3002\u800c\u4ec52026\u5e74\u4e00\u5b63\u5ea6\uff0c\u5c31\u8d21\u732e\u4e86\u5176\u4e2d\u7684\u56db\u5206\u4e4b\u4e00\u2014\u201419\u8d77\u300133\u4ebf\u5143\u4ee5\u4e0a\uff0c\u884c\u4e1a\u8d44\u672c\u5316\u8fdb\u7a0b\u8fce\u6765\u7206\u53d1\u5f0f\u63d0\u901f\u3002<\/p>\n \u5728\u8fd9\u6ce2\u878d\u8d44\u70ed\u6f6e\u4e2d\uff0c\u91cf\u65cb\u79d1\u6280\u7684C\u7cfb\u5217\u878d\u8d44\u6781\u5177\u4ee3\u8868\u6027\uff1a\u516c\u53f8\u57282026\u5e74\u5b8c\u6210\u4e866\u4ebf\u5143C+\u8f6e\u878d\u8d44\uff0cC\u7cfb\u5217\u7d2f\u8ba1\u878d\u8d44\u91d1\u989d\u8fd110\u4ebf\u5143\uff0c\u8fd8\u540c\u6b65\u542f\u52a8\u4e86Pre-IPO\u8f6e\u878d\u8d44\uff0c\u662f\u56fd\u5185\u91cf\u5b50\u8ba1\u7b97\u8d5b\u9053\u8d44\u672c\u5316\u8fdb\u7a0b\u6700\u5feb\u7684\u4f01\u4e1a\u4e4b\u4e00\u3002<\/p>\n \u91cf\u65cb\u79d1\u62802018\u5e74\u5728\u6df1\u5733\u6210\u7acb\uff0c\u521b\u59cb\u4eba\u517cCEO\u9879\u91d1\u6839\u662f\u6e05\u534e\u5927\u5b66\u7269\u7406\u7cfb\u672c\u7855\u535a\u8fde\u8bfb\u7684\u201c\u4e09\u6e05\u535a\u58eb\u201d\uff0c\u540e\u8d74\u54c8\u4f5b\u5927\u5b66\u4ece\u4e8b\u535a\u58eb\u540e\u7814\u7a76\uff0c\u8fd8\u5728\u6ed1\u94c1\u5362\u5927\u5b66\u53d6\u5f97\u4e86\u8ba1\u7b97\u673a\u7855\u58eb\u5b66\u4f4d\uff0c\u6df1\u8015\u91cf\u5b50\u8ba1\u7b97\u9886\u57df\u8d8515\u5e74\uff1b<\/p>\n \u8054\u5408\u521b\u59cb\u4eba\u517c\u9996\u5e2d\u79d1\u5b66\u5bb6\u66fe\u84d3\u540c\u6837\u51fa\u8eab\u6e05\u534e\uff0c\u5728MIT\u5e08\u4ece\u91cf\u5b50\u8ba1\u7b97\u6cf0\u6597\u3001\u6838\u78c1\u5171\u632f\u91cf\u5b50\u8ba1\u7b97\u5148\u9a71Isaac Chuang\uff0c\u662f\u5168\u7403\u9876\u7ea7\u91cf\u5b50\u7ea0\u9519\u4e13\u5bb6\uff0c2021\u5e74\u5f53\u9009\u7f8e\u56fd<\/a>\u7269\u7406\u5b66\u4f1a\u4f1a\u58eb\u3002<\/p>\n 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