AI 创投市场正变得更具竞争性，顶级创投机构正使用更有创意的交易结构，在把成本转嫁给其他投资人的同时保留自身的议价力。近期一个例子是 Resolve AI，据报其针对协助产出软体的 AI agents，估值达到 $1 billion。该公司强调其融资轮为「unblended」，意即本轮出售的所有股份都以 1 个单一估值作为定价基准。

另一种越来越受青睐的结构是 multi-tranche 融资轮，也就是把同一个募资「round」拆成 2 个或更多阶段，各阶段的条款往往不同，且常有不同估值。传统上，后续 tranche 会与达成里程碑绑定（例如，完成一笔重要的合作伙伴交易），让公司之后仍可在更高估值下再募集更多资金，同时仍称其为 Series A。但在某些 AI 交易中，tranche 可能紧接著发生：领投方先以较低估值开出较早的一张支票，接著再邀请其他投资人以较高估值进场，既做出更高的对外「头条」价格，也让领投方获得更好的经济条件。

由于 tranche 条款很少公开，头条估值可能掩盖不同投资人其实付了不同价格，也可能模糊「round」中有多少比例是以较高数字成交。这种结构同时让创办人受益（可以引用更高估值）与领投方受益（能以更低价格进场），而后续投资人则面临为了确保配额而加价（pay-up）的抉择。随著 AI 估值持续攀升，这也可能抬高公司的门槛：一旦一家企业被定价到 $1 billion 或更高，最终就必须展现匹配该水准的表现；若成长未能追上估值，被垫高的标记可能让未来募资与执行更为困难。

The AI venture market is becoming more competitive, and top venture firms are using creative deal structures to preserve leverage while shifting cost to other investors. A recent example was Resolve AI, which reportedly reached a $1 billion valuation for AI agents that help produce software. The company highlighted that its financing round was “unblended,” meaning all shares sold in the round were priced off 1 single valuation.

The alternative structure gaining traction is the multi-tranche round, where the same fundraising “round” is split into 2 or more stages with different terms and often different valuations. Traditionally, later tranches were tied to hitting milestones (for example, closing a major partner deal) so a company could raise additional money later at a higher valuation while still calling it a Series A. In some AI deals, however, tranches can happen in immediate succession: a lead investor writes an earlier check at a lower valuation, then other investors are invited in at a higher valuation, producing a higher headline price while giving the lead better economics.

Because tranche terms are rarely public, the headline valuation can mask the fact that different investors paid different prices, and it can also obscure how much of the “round” cleared at the higher number. The structure benefits founders (who can cite a higher valuation) and lead investors (who can enter at a lower price), while follow-on investors face a pay-up decision to secure allocation. As AI valuations keep climbing, this can raise the bar for companies: once a business is priced at $1 billion or more, it eventually has to perform at that level, and inflated marks can make future fundraising and execution harder if growth does not match the valuation.