Based on the deep integration of Tencent Tech's "Global Investors Are Pushing Large Model Companies to a 'Price-to-Dream Ratio'" and Silicon-Based Lab's "Are the 400-Billion-Valued Zhipu and MiniMax Relying on Just Two Formulas?" I. Phenomenon: An Unprecedented Valuation Revolution In 2026, the global capital market is witnessing a bizarre "valuation revolution"—large model companies that are not yet profitable and continue to incur massive losses are hitting trillion-dollar