VC funding for world models cools sharply in H2 2026
Venture capital is retreating from the 'world model' sector, with term sheets becoming scarce in H2 2026 after a hot H1, according to investor and startup fundraising sources. Valuation premiums are shrinking rapidly, and only teams with technical evidence, research track records, or application progress can still secure funding.
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资本正在撤离“世界模型” 衡宇 2026-11-08 12:09:55 来源： 量子位 没有永远的夏天 衡宇 发自 凹非寺 量子位 | 公众号 QbitAI 轰动一时的 田柯宇创业事件 ，可能只是年度风口“世界模型”急转直下的注脚。 在舆论的热议中，VC资本对于创业者职业道德的要求，成了业内业外持续闲谈深思的一题。 但水下，田柯宇所押注的“世界模型”赛道，正在从上半年热钱汹涌，转向了下半年一TS难求——资本确实在抬高世界模型投资意向书发出的门槛，热钱变少，拿得到钱的世界模型创业者也在变少——田柯宇如果不是“NeurIPS最佳论文”，或许会是另一种结果。 因为今夏开始， “不投世界模型了”。 这种变化在量子位近期与多位一线投资人、世界模型公司投融资负责人的交流中感受得尤为明显。 头部基金如今愿意出手的世界模型项目已经是掰着一只手的手指就能数过来。 我们问，“那还能有公司比较顺利地融到钱吗？” 有的，家人们有的。 一位今年频频出手的投资人沉思着告诉了我们 四、五个创始人的名字。 想了想，他又补上一家家底雄厚的具身智能初创公司——由于是大厂子弟，且只做大脑，因而也被归于世界模型这一part。 “还有别的吗？”我问。 “就这些，你就记这几个差不多了。” 神奇的是，其他受访人给出的名字，居然也没有超出这个精悍短小的名单。 几位世界模型公司投融资负责人道出的感受更是出奇一致。 钱越来越难拿了。 没有人一口否定世界模型的技术前景，有些有的投资人仍然在积极寻找下一家值得投资的公司。 但上半年的行情绝对发生了明显改变。 “世界模型”四个字带来的普遍估值溢价，正在迅速缩水，极速缩水。 靠概念和想象空间融资的窗口越来越窄，能够拿出技术证据、研究积累乃至实际应用进展的团队，依然有人抢着投。 至于其他人…… 市场的耐心开始变得有限。大家都免不了有些焦躁。 △图片由AI生成 极速降温 其实 从火热的夏天开始，风向就发生着变化。 直到今年7月中下旬的WAIC上，世界模型无疑还是最热门、最吸睛的当红炸子鸡。 颇有一种大家憋了半年大招，就等着在WAIC上集体孔雀开屏的架势。 大量创业公司发布新模型，展示技术进展和演示demo，一些系统还能让用户像玩游戏一样，在AI创造的环境里自由探索。 对普通观众来说，当然足够新鲜。 但 对已经看过几十个项目的行内人而言，新鲜感正在迅速消退 。 看得越多，问题 （甚
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