硅基流动（SiliconFlow）宣布完成 B+ 轮二期和 C 轮融资，2026 年累计股权融资近 29 亿元，投资方以国家级基金和国资为主，公司 6 月底已递交港股上市申请。AI 的钱正在从「造大模型」涌向「把推理做便宜、做稳」的基础设施。对早期项目的启示：底层算力越来越像水电煤，应用层拼的就是产品完成度。
The numbers: founded in 2023, the company passed 10M registered users and 13,000+ enterprise clients by April, with daily token throughput averaging ~578.5B and peaking at ~1.07T. It supports 170+ models across 10+ chip platforms and is China's largest independent token supplier by 2025 throughput (Frost & Sullivan). The new capital goes to inference engines, heterogeneous compute scheduling and model-chip adaptation — in plain terms, pushing inference costs down further. Heavy capital in the infrastructure layer means API prices keep falling. For teams building on top, that's a real cost dividend: spend the savings on product experience and engineering quality — that's the actual moat.