Keys Room
SCIENCE: A NEW GOLDEN AGE
Turning science fiction into reality
In one field after another, his genius and determination have made science fiction into reality.
(animal study)
(8×B200)
(“chopstick” catch recovery)
(dual-link design)
G Club (Glacier Club) Professional · Low-key · Lively · Disciplined
Glacier KP · G CLUB
Glacier · All Five GroupsGlacier Double12 Hard-Tech Innovation Festival
Select rigorously for certainty. Embrace the new paradigm.
Welcoming the great age of AI/SI and interstellar space
Glacier is a fact, not just a company. The joy of innovation comes from sharing it together.
庚辛，是事实，不只是公司。科创的快乐，来自大家一起分享交流。
The world has many trade shows, but only one CES. There will be many innovation festivals on 12.12, and Glacier’s aims to be a CES for hard tech: an expo built for real results.
世界上有很多展会，但只有一个 CES。12.12 会有很多科创节，庚辛的科创节想做成科创版的 CES：一场讲实效的展会。
- Rise with the nation's momentum. Share the nation's dream.
- Squeeze out the bubble. Select for certainty. Embrace the new paradigm.
- Every task on a list. Every loop closed. A named lead for every team. Performance judged on the front line.
- Right heart, right mind. Blessings follow.
- Care, patience, love, unity, tolerance.
- Eat what you hunt.
- The long war cannot be rushed. The decisive war cannot be delayed.
- Stay grounded. Stay human. Stay humble.
- Take charge of your own fate. Push the limits of growth.
- The world is the totality of facts, not of things. — Wittgenstein
- We supply the ammunition. Investors pull the trigger themselves.
- Lead by example. Create for others.
- Train the sword with full focus. Nothing beats speed.
October 2026 · Industry research & observations
It is short of projects that make people believe in fairy tales again.
In the second half of the year, only two ends of the market remain:the earliest round, and the most certain round.
16 projects in four groups: INFRA, Shangliangnao (space, quantum, fusion and BCI), AI Foundation Models, and Physical AI & Intelligent Manufacturing.
RESEARCH
2026.10
Glacier Double12 Hard-Tech Innovation Festival
Quality Engineering
1212 sets no transaction-value target. Glacier strictly limits the number of new projects it takes on, to protect service quality. Transaction value and project count are two different constraints. We assess our work by post-investment satisfaction, founder satisfaction, project returns and the extent of our own capital commitment. Quality is the standard by which we judge and position ourselves, and whether we exceed expectations matters. Everyone owns quality engineering.
KEYS is the capital-market parallel computing platform and programming model from the Pyramid Institute. Defined by the whole Glacier team and continually upgraded, it organises price bands, transaction structures, timing and the Golden Window into relationships that can be executed and tested. We hope it will become the CUDA of capital markets.
Nurturing all things, bringing goodwill across the seas.
GLACIER KP · Our judgment and our choices
Empty cup · Good assets · Zero bubble
The north slope is hard to climb, and it is never congested. The moat of a hard-tech company grows in its labs and on its production lines, not in its pitch deck. The hotter the market runs, the harder one must look for the scarcest underlying assets, and the cooler one's head must stay.
How we read the market
- Less water, slower, more selective. But it has not stopped.Funding leans more on state and industrial capital, and processes take longer. Market-driven capital is more cautious and is converging on a few high-certainty projects.
- Two ends.Deals cluster at the earliest round and the most certain round. The rounds in between test real progress.
- Time to hand in the homework.Companies that raised their last round on a story must now answer with technology and commercial traction. Milestones decide the next round.
- Pricing is returning to reason.Valuation jumps are no longer accepted. A moderate step-up each round is what goes the distance.
- The 14th Five-Year Plan's dividend came from electricity; the 15th's will come from intelligence.Models are in the light; power is in the shadows. AI and energy are one and the same wave.
How we choose
- First in its niche, or the Chinese team closest to the global leaders — or a different paradigm altogether.
- An industrial anchor: industrial capital, upstream or downstream partners, real orders or real capacity.
- Verifiable milestones, trackable cadence. We only write down what has already happened.
- The numbers add up: revenue decides value; gross margin decides how good the technology is.
- A number one who can turn technology into a product customers pay for — engineer, product person or scientist, any of them will do.
- Invest only when we see clearly: if we cannot see it, we pass; if we see it and the price is wrong, we also pass.
- Skin in the game: we test our judgment with our own money first, with due diligence before that.
Deliver fast, choose slowly. A general on the march does not chase rabbits. Turn non-consensus into the next round's consensus.
AI INFRA / COMPUTE, POWER & OPTICS
INFRA Group
Closing 12.12 · Into Christmas
From agent cloud and AIDC power to data processing units (DPUs).
Our view of this groupThe centre of gravity in compute is shifting from training to inference. The generic parts are converging; the new increments lie in three places: the cost and latency of inference, the movement of data, and megawatt-scale power. Models are in the light; power is in the shadows. Followed to the end, every compute bill is an energy bill.
How we chooseDifferentiation sits in the links that are hard to copy quickly (media, process, devices, power electronics); the product fits into the existing ecosystem rather than starting over; and milestones such as tape-out, sampling and go-live are clear and trackable.
Inference, scheduling and runtimeAgent cloud infrastructure
AI INFRA · AGENT CLOUD Select for certainty · Embrace the new paradigmINFERENCE × ROUTING × RUNTIME
A cloud for the next generation of agents, where inference is only one part.
Links heterogeneous GPUs worldwide with developers, extending from model calls to the running and scheduling of agents.
- Fast inference: about 70 tokens per second is fast enough for chat; agents running tasks care more about speed, so service tiers are offered by performance and price.
- Model scheduling: complex tasks are broken into steps; different models are combined and routed step by step, trading off performance and cost.
- Runtime: sandboxes have been in development for about a year and a half, supporting code execution and tool calls, with memory and other capabilities added over time.
- Developer entry point: offered command-line access early and integrates with popular Hugging Face and GitHub projects, aiming to become the default infrastructure for agent developers.
- Extension: the overall plan touches on some foundation-model fusion capabilities; how they will be combined has not yet been laid out.
- Commercial durability: customer retention, pricing pressure and eventual profitability still need further validation.
The bottom layer of AI infraSST solid-state transformer · AIDC power
AI INFRA · Power Select for certainty · Embrace the new paradigmSOLID-STATE TRANSFORMER
SST solid-state transformers, rebuilding the AIDC power stack for the megawatt era.
A team drawn intact from an international power-equipment giant, plus automotive-grade industrialisation capability, focused on power density and the cost curve.
A specialist investor with three years in AIDC rates the team “at least top three internationally”.
China's BlueFieldData processing unit (DPU) for the AI compute cloud
AI INFRA · DPU Select for certainty · Embrace the new paradigmDATA PROCESSING UNIT FOR AI CLOUD
A data processing unit for the AI compute cloud. It offloads networking, storage and tenant isolation from the CPU, so that compute rental can be delivered as fast, and isolated as cleanly, as a public cloud.
Proves the product and the customers on an FPGA solution first, then iterates towards an in-house ASIC.
- Stage: the first-generation product is in customer onboarding tests.
SPACE, QUANTUM, FUSION & BCI
Shangliangnao Group
Closing 12.12 · Into Christmas
From reusable heavy rockets and satellite communication-and-computing networks to quantum computing and non-invasive brain-computer interfaces.
Our view of this groupFrontier fields are moving from telling stories to handing in homework. Capital will pay for engineering progress it can see: first-stage structure and ignition, on-orbit validation, full-system delivery, animal validation through to clinical enrolment. Satellite communication is the space-based application with the clearest commercial loop.
How we chooseLicences and engineering first; engineering capability and commercial capability together; the next milestone in plain view. Scientist-founders are equally welcome, as long as the route starts from first principles.
Stainless-steel LOX-methane heavy rocketReusable liquid rocket · an engineering-led founding team
Commercial space 2.0 Select for certainty · Embrace the new paradigmSpaceX's valuation is back above US$2 trillion (October 2026).
“The first principle of rockets: with launch success assured, make each kilogram as cheap as it can possibly be.”
LINK THE UNIVERSE
The founding team comes from the core development system of the national heavy-lift launch vehicle.
From day one the whole rocket is built to the Starship end-state architecture: stainless steel + LOX-methane + “chopstick” catch recovery.
Demand estimate: the Guowang and Yuanxin constellations create demand for more than 300 launches a year, while private rocket makers together can build fewer than 30. Supply creates the market.
- Team: the founder and co-founder both come from the core development system of the national heavy-lift launch vehicle, with experience in both propulsion and overall vehicle design.
- Cost estimate: material at about ¥20k versus ¥70k per tonne, material utilisation 90% versus 10%; a whole rocket at about ¥120m versus ¥170m. Chopstick recovery splits one 100-point problem into three 90-point problems.
- Industry support: leading institutions and industrial players keep adding capital, with upstream and downstream partners moving in step.
Communication and computing: building a space-based backboneSatellite communication and computing network
SPACE INFRA · Communication and computing Select for certainty · Embrace the new paradigmSATELLITE COMMUNICATION & COMPUTING
Plans a satellite communication and computing network that gives overseas energy, mining, infrastructure and telecom customers high-bandwidth links and on-orbit computing, and provides relay services for low-Earth-orbit satellites.
Built on mature satellite-platform technology, with dual microwave and laser links.
- Product: the first satellite is designed for communication, computing and storage, and relay. In-orbit service is validated first, then the network is built out in phases.
- Stage: plans to launch the first batch of satellites in 2027, then build out the network in phases and begin commercial trials; large space-based compute nodes are the next direction.
Neutral-atom quantum computingNeutral-atom quantum computer, full system
Quantum · Full system Select for certainty · Embrace the new paradigmThe biggest pain in quantum is that investors cannot understand it or verify it. This company pulls back the curtain and lets investors see the full machine with their own eyes.
NEUTRAL ATOM
Engineering, done pragmatically.
Has released a full-stack integrated machine with thousand-qubit-class defect-free physical qubits, using a “storage–entanglement” zoned architecture.
Has won commercial orders, with several industrial players on board.
- Team: the founder has a top overseas physics background and built the full system with self-raised funding.
- Position: a Chinese full-stack maker in the first tier of commercial neutral-atom computing worldwide, able to deliver full systems above a thousand qubits.
Non-invasive brain-computer interfaceNon-invasive brain-computer interface · academician-level scientific advisers
Brain-computer interface · BRAIN WORLD MODEL Select for certainty · Embrace the new paradigm“The OpenAI of brain-computer interfaces.”
SINGLE-NEURON MODEL × REAL-WORLD DATA
An academician-level scientific team models how the brain works and builds a non-invasive brain-computer interface, aiming for neuromodulation effects close to invasive methods.
Mechanistic modelling at the single-neuron level × an ecosystem for collecting high-quality real-world data.
Whole-brain mechanistic modelling is among the most advanced in the world, moving from a digital fruit fly to a digital mouse: from the “GPT-2” of BCI towards its “GPT-3”.
Skill-training time is markedly shorter; after the light stimulus is removed, the mice can still reproduce the skill on a given cue.
A foundation model assists the development of human decoding tasks; performance across devices and populations still needs unified testing.
An exploratory clinical study in Parkinson's disease is planned, run through a provincial-level BCI clinical-trial base.
AI / FOUNDATION MODELS
AI Foundation Models Group
Closing 12.12 · Into Christmas
From end-to-end game generation to foundation-model fusion.
Our view of this groupThe heat around AI will not fade soon, but more and more projects are just wearing the label. Revenue decides a model's value; gross margin decides how good the technology is. Interactive, consistent 3D worlds and games are a direction that is harder to fake with a thin wrapper.
How we choosePositioned as the entry point and the platform; commercialisation already under way; a path that is hard to copy, or a different paradigm altogether.
The Roblox + AppLovin of the AI eraAI game generation and distribution platform
AI gaming · Generation × Distribution Select for certainty · Embrace the new paradigm“What matters is becoming the platform, becoming the entry point.”
AI GAMING · GENERATION × DISTRIBUTION
Redefining the games industry with AI: a model for end-to-end game generation (planner + simulator).
The founder has built a mass-market consumer product from zero to one, with full growth experience across large-scale consumer products and content platforms.
| Commercialisation begins | 2026 |
- Moat: in-house structured data on rules, physics and interaction, combined with understanding and generation capabilities.
- Platform: from game generation to content distribution and monetisation, connecting creators with players.
Advanced packaging for foundation modelsFoundation-model fusion · routing and aggregation
Foundation models · INFINITE MODELS Select for certainty · Embrace the new paradigm“It stands above every single model. Whatever new model appears, it stays on top.” This is advanced packaging for the foundation-model world.
OVER THE TOP
Technology is the entry point. It was when DeepSeek took off, and it still is now that Kimi has.
Intelligence will keep getting bigger. Smaller is not better; it grows bigger by changing lanes.
Routing does globally optimal scheduling; aggregation makes capabilities complement one another. From Infinite Parameters to Infinite Models, making every DeepSeek in the world friendlier, cheaper and more efficient.
- Founder: holds two doctorates from top overseas universities, currently a faculty member running a university lab.
- Training system: stable post-training of a 1.6T model on a single 8×B200 node, with end-to-end RL validated on Kimi-K2.6 and DeepSeek V4; the low-level kernels are written in-house.
PHYSICAL AI / EMBODIED INTELLIGENCE
Physical AI & Intelligent Manufacturing Group
Closing 12.12 · Into Christmas
Embodied brains, sensing and data, linking home, commercial and yard robots; and electric smart RVs opening up outdoor living scenarios worldwide.
Our view of this groupThe first wave of embodied-AI excitement is receding; the second will be more practical. Orders, overseas revenue, deliveries and cash flow are replacing demo videos. Companies with solid results are scarce; the links that make core components and actually ship carry less froth.
How we chooseReal orders and global revenue; a leading position in a specific scenario; production lines and deliveries that stand up to inspection.
One robot for all four seasons in the yardAll-season yard robot
Yard robot · Global Select for certainty · Embrace the new paradigmALL-SEASON MODULAR YARD ROBOT
A snow-clearing and all-season modular yard robot.
A high barrier to entry. One shared chassis that switches between snow-clearing, mowing, leaf-blowing and other modules by season.
- Growth: a compound growth rate of 300% over the past three years, with 15,000 units delivered to date.
- Revenue: all revenue comes from overseas markets.
- Capacity needed: expected to exceed 150,000 units over the next three years.
The ByteDance of the robotics industryGlobal service robots
Embodied · Global Select for certainty · Embrace the new paradigmThe founder is one of the industry's best product managers. Relentlessly focused, and has paid the tuition that had to be paid.
SERVICE & EMBODIED ROBOTICS
The ballast in a portfolio.
Technology spreads far faster than commercialisation lands. The company uses organisation and channels to roll new technology out into scenarios where demand already exists.
- Market: a 43% share of the overseas market, first in Europe, the US and Japan; overtook peers with ten years' head start in three years in cleaning and two in industrial.
- Operations: a 50% gross margin, 80% of revenue from overseas, and profitable once embodied-AI investment is excluded.
Consumer embodied robots for the homeConsumer-grade home embodied robot
Embodied · 2C Select for certainty · Embrace the new paradigmCONSUMER EMBODIED
Founded by a professor at a top university research institute.
A field where every bullet is expensive.
“Consumer embodied robots for the home are a very hard field: the tolerance for error is very low, each company may get only one or two product generations to prove itself, and every bullet is expensive. If our allocation to this field only buys two bullets, I would hand both to this founder to pull the trigger.” — a senior investor
- University incubation: incubated by a top university research institute, building consumer-grade embodied robots for the home.
A generalising brain for embodied intelligenceA generalising brain for embodied intelligence
Embodied · PHYSICAL AGI Select for certainty · Embrace the new paradigm“Representation gives the prior for interpolation + online reasoning gives the ability to extrapolate = generalisation.”
A “generalising brain” that pre-trains perception, decision and action as separate modules and fuses them with a world model for online reasoning.
“All generalisation comes from representation”; “RL is a first-class citizen of pre-training”. The ceiling depends on quality; generalisation depends on diversity.
The goal: “Like a new hire on the factory floor. Show it a handful of times, hand it a manual, and it can start work.”
- Team: the founder previously led autonomous driving at a top company as chief scientist and CTO; the co-founder is a university researcher with a long record in human motion capture, who argues for modular design plus large-scale reinforcement learning.
- Engineering validation: validated at the level of autonomous driving; completed driverless heavy-truck operations on public roads, with no safety driver on board and no remote control.
- Efficiency: the driving model was trained by reinforcement learning on 15,000 hours of data and outputs wheel torque and steering angle directly; simulation runs at tens of thousands of times real time.
The physical base of embodied intelligenceDexterous manipulation platform · from training to productisation
Dexterous manipulation · Platform Select for certainty · Embrace the new paradigm“Create value first, define the standard, then create truly massive volume”; “the biggest customer placed the biggest order”.
TACTILE-ENHANCED WORLD MODELS · BEYOND TOUCH
A dexterous manipulation platform that supports the whole journey from training to productisation. Light-based tactile sensing and physical alignment are the platform's sensing base. The core silicon-photonics chip and the highly biomimetic materials are developed in-house.
All of the world's top five embodied-AI companies are customers; the solution is already running on customer production lines, 24 hours a day, at a faster cycle time than human workers.
- Product: 240,000 tactile sensing points per square centimetre, 8 ms response, more than 5 million presses; 10 mm thick, with 3 mm the target for the next generation.
Selling shovels to embodied AIEmbodied data and compute services
Embodied · Data and compute Select for certainty · Embrace the new paradigmDATA & COMPUTE
Supplies data and compute to several of the world's largest humanoid-robot companies.
Profitable less than six months after founding, with more than half of revenue from overseas.
Leading companies in the supply chain have become shareholders.
Electric smart RVElectric smart RV · going global
Smart electric RV · Going global Select for certainty · Embrace the new paradigmPOLICY × ORDERS × GLOBAL
Strong policy support + a full order book + outdoor scenarios worldwide.
A veteran product lead in consumer hardware exports starts again, entering high-end off-grid living in North America with a smart electric RV.
- Policy: the State Council explicitly encourages RV consumption and supports the development of new-energy RVs.
- Orders: a full order book, with revenue realised as deliveries are made.
SKIN IN THE GAME
We have put our own money into the companies we serve.
We serve and we invest at the same time; our judgment is tested with our own money. We have taken stakes with our own capital in many of the companies we have served in depth.
GLACIER · FISCAL YEAR III
Glacier Fiscal Year III calendar, 2026 (7 Oct 2026 – 30 Jan 2027)
Four months: October, November and December 2026, and January 2027. The season starts on 7 October, closes on 12 December (the Glacier Double12 Hard-Tech Innovation Festival, or Glacier 1212 Festival for short) and ends on 30 January.
Key dates
- 10.1–10.7National Day holiday(Thursday 1 Oct to Wednesday 7 Oct, 7 days)
- 10.7Start of Glacier Fiscal Year IIIThe last day of the National Day holiday.
- Today
- 10.10Make-up workday(Saturday)
- OctoberShangliangnao Group · non-invasive BCI: first patient enrolment planned for the exploratory Parkinson's clinical study
- 12.121212 Closing Day · Glacier 1212 Festival · 12:12No transaction-value target.
- 12.25Christmas
- 2027.1.1New Year's Day(Friday)
- 2027.1.30End of Glacier Fiscal Year III
Holiday source: General Office of the State Council, Notice on the 2026 Public Holiday Arrangements (4 November 2025, full text at Xinhua) ↗.
