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Stack / Model / sub-layer 7

Open-weight & Chinese labs

Indicators

Open-weights gap to the closed frontier (ECI points)grade A
dispersingleading55/95 confidence, mixed or hard to operationalise
5.77 indexas of 2026-08-20(3 obs)

Venture flow

$1.2B
26-03
$7.5B
26-06

Primary-round dollars per calendar quarter: Form D amount sold where the entity files, Epoch's press-compiled rounds otherwise. Amendments replace their originals; SPVs, secondaries and debt are excluded.

Entities · 8

EntityRoleSinceVerifiedLatest observation
01.AIprimary—○ not yetnone
Alibaba Qwenprimary—○ not yetnone
Baichuanprimary—○ not yetnone
DeepSeekprimary—● yes$450M · revenue_run_rate_usd.pt · 2026-07-14
MiniMaxprimary—● yes$800M · revenue_run_rate_usd.pt · 2026-08-26
Moonshot AIprimary—● yes$300M · revenue_run_rate_usd.pt · 2026-06-30
StepFunprimary—○ not yetnone
Zhipu AIprimary—● yes$1.6B · revenue_run_rate_usd.pt · 2026-08-31

Seed lists come from the capture brief and are verified against filings one by one. A name here is not a claim about size or funding until an observation attaches.