As U.S. officials and technology giants comprehensively upgrade their AI development strategies to "Super Intelligence" (SI), the valuation logic of the capital markets is undergoing a fundamental reconstruction. From Jensen Huang’s concept of "SI factories" to Elon Musk’s emphasis on a "hundreds of gigawatts energy gap," this technological revolution has shifted from mere "software algorithm applications" to a comprehensive national power competition heavily reliant on physi

By February 2026, global technological competition has entered the era of "Infrastructure Sovereignty." Following the successful IPOs of Zhipu AI and MiniMax on the Hong Kong Stock Exchange, the remaining unlisted giants have become increasingly scarce and powerful. They are no longer merely "startups," but "Quasi-State Entities" that deeply influence national security, economic sovereignty, and cultural export. I. The 2026 List of the Top 10 Most Valuable Unlisted Companie