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.
linking global compute with developers
rebuilding the AIDC power stack
(assessment by a specialist AIDC investor)
G Club (Glacier Club) Professional · Low-key · Lively · Disciplined
Glacier KP · G CLUB
INFRA GroupGlacier 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.
INFRA Group · 3 projects: agent cloud, AIDC power, China's BlueField (DPU).
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.
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.
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)
- 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) ↗.
