1 billion is just the ticket: The proportion of large-scale financing has tripled.

The primary market is transitioning from the era of "scattering investments widely" to a new stage of "heavily investing in top players."

In the past couple of days, multiple financings exceeding 1 billion yuan have emerged in the embodied intelligence track. Galaxy Universal Robotics completed a Series C financing of 2.5 billion yuan, and Songyan Power and Xingdong Jiyuan completed financings of 1 billion yuan each. The investors behind these deals are mainly state-owned capital, including both national large funds and local state-owned assets. This once again demonstrates the current trend of the continuous increase in the financing scale of the hard technology track.

Nowadays, financings of dozens of billions of yuan in the primary market no longer seem rare. Since the second half of last year, large-scale financings disclosed in the fields of embodied intelligence, commercial space, and artificial intelligence have been ubiquitous. The financing amounts of companies such as Interstellar Glory, Jieyue Xingchen, and Dark Side of the Moon have even exceeded the fundraising amounts of most IPOs.

More importantly, the trend of capital concentration towards the top is accelerating.

According to the data from CVSource of Touzhong Jiachuan, as of February 15, 2026, the proportion of large-scale transactions with a single financing exceeding 1 billion yuan has reached 13.3%, nearly tripling compared with the same period in 2025. This means that strategic financings of top projects and mature enterprises in the primary market are receiving continuous capital preference.

On the other hand, medium-sized transactions have significantly shrunk. In 2023, such transactions accounted for half of the primary market, but by the beginning of this year, it had dropped to less than 40%. The financing structure of the primary market is gradually showing a "K-shaped divergence."

01. Capital is Flowing to a Small Number of Enterprises at an Accelerated Pace

On March 2, the embodied intelligence track witnessed another landmark event - Galaxy Universal and Songyan Power announced large-scale financings on the same day.

Galaxy Universal completed a Series C financing of 2.5 billion yuan. The investors include the third phase of the National Large Fund, Wuxi Venture Capital, Chengdu Science and Technology Innovation Investment, Yizhuang State-owned Investment, and other national and local state-owned capital forces, setting a new record for single-round financing in the domestic embodied intelligence field. On the same day, Songyan Power announced the completion of a nearly 1 billion yuan Series B financing, led by Chendao Capital, an industrial investment platform affiliated with CATL, and followed by institutions such as Jiuhua Venture Capital, Guoke Investment, and Jingguosheng Fund.

These two financings are not isolated cases. According to the statistics of CVSource of Touzhong Jiachuan, since January this year, more than 40 large-scale financings of over 1 billion yuan per transaction have been completed in the domestic primary market, highly concentrated in hard technology tracks such as embodied intelligence, commercial space, artificial intelligence, and semiconductors.

Taking embodied intelligence as an example, in addition to the above two enterprises, since February, several other enterprises such as Qianxun Intelligence, Lingxin Qiaoshou, Zhujidongli, and Xingdong Jiyuan have also announced the completion of financings in the billions.

Commercial space is also a popular direction in this round of capital boom. On February 12, Interstellar Glory announced the completion of a Series D++ financing of 5.037 billion yuan, setting a new record for single-round financing of domestic commercial rockets. The money - attracting ability in the field of large AI models has been continuously rising. Dark Side of the Moon recently completed a financing of over 700 million US dollars, with a valuation of 10 billion to 12 billion US dollars.

The above cases are not isolated hotspots but a microcosm of the structural changes in the market.

Data from CVSource of Touzhong Jiachuan shows that as of February 15, 2026, the number of domestic enterprises that have obtained large-scale financings of over 1 billion yuan has reached 40, accounting for 13.3%. Compared with 4.2% in the same period in 2025, this proportion has significantly increased within one year.

In contrast, medium-sized transactions ranging from 50 million yuan to 1 billion yuan are experiencing a significant contraction. In 2023, the proportion of such transactions was 49.4%, dropping to 40.7% in 2025, and further sliding to 39.9% as of February 15, 2026.

The market is showing a typical "K-shaped divergence": top projects still enjoy significant liquidity premiums during the capital adjustment cycle, while the financing space for mid - tier projects is continuously compressed.

02. Why are Large - scale Transactions Increasing at an Accelerated Pace?

The emergence of this round of large - scale financings is, first of all, an inevitable result of industrial development.

A group of hard technology companies established 7 years ago and AI companies established 3 years ago are entering a development stage that requires large - scale capital support. Whether it is the cyclical investment from R & D to test launches of commercial rockets or the high R & D costs and computing power costs of large AI models, they are all extremely high.

One billion yuan is no longer the concept of a "large - scale financing" but the starting point for entry - without this amount of capital, enterprises may not even survive until the technology matures.

Looking at the capital supply side, the structure is also undergoing profound changes. In the past, various market - oriented funds were the main force in the primary market, but now state - owned capital has become an important force.

2025 was a year when large - scale industrial funds were intensively established: the third phase of the National Large Fund with over 340 billion yuan, the National Venture Capital Guidance Fund with 100 billion yuan, the Central Enterprise Strategic New Fund with 51 billion yuan, the AIC Fund with a total scale of over 100 billion yuan, and science and technology innovation funds jointly established by social security and local state - owned assets, and other capital in the tens of billions have entered the market one after another - these are the real players in today's market that can invest 1 billion or 5 billion yuan in a single deal.

This kind of capital has a large scale, a long cycle, and clear policy orientation, and tends to make heavy - weight investments in key tracks. They are among the few investors in the current market with the ability to invest 1 billion or even 5 billion yuan in a single deal.

Finally, there is a change in the mindset of capital. Against the backdrop of increasing market uncertainty, the risk - aversion sentiment has been continuously rising. Instead of spreading bets across multiple projects, it is better to concentrate on top - tier enterprises with higher certainty. Those leading enterprises that have obtained the endorsement of state - owned capital and have the ability to drive the industrial chain naturally become the targets pursued by capital. This logic of returning to certainty further strengthens the trend of capital gathering towards a small number of high - quality projects.

Meanwhile, the repair of exit expectations has also boosted the willingness of capital to invest to a certain extent. The fifth set of standards of the Science and Technology Innovation Board clearly favors hard technology enterprises such as those in commercial space and AI, alleviating the long - standing concerns of capital about difficult exits and enabling them to make heavy bets and take large shares in the later stages of projects.

The same situation is happening globally, and the trend of huge financings in overseas markets is even more obvious.

OpenAI's Series C financing of 110 billion US dollars, Anthropic's Series G financing of 30 billion US dollars, multiple rounds of financing of xAI, Skild AI, etc., with single - deal amounts equivalent to tens of billions or even hundreds of billions of yuan in RMB.

Moreover, the concentration of industries and targets is deeper. According to the year - end analysis of Crunchbase, the total global venture capital investment in 2025 was 425 billion US dollars, of which 211 billion US dollars (nearly 50%) flowed into a single industry. Only five companies, OpenAI, Scale AI, Anthropic, Project Prometheus, and xAI, took away 84 billion US dollars, accounting for 20% of the total annual amount.

These huge financings confirm the global trend of technology investment: only elephant - sized capital can support elephant - sized enterprises to thrive.

This article is from the WeChat official account "Beyond the J Curve", author: Liu Huixian, published by 36Kr with authorization.