2026 Year-End Test: Embodied AI Sheds Gambler Mindset, 10 Billion Valuation Needs New Proof

In 2026, financing in the primary market for embodied AI tightened and the IPO channel became congested, with valuation logic returning from grand narratives to business common sense. According to IT Juzi data, from the start of the year to October 20, domestic financing in this sector exceeded 600 deals with a total amount surpassing 160 billion yuan, and companies valued at over 10 billion yuan have reached 32, but in the past two months old-share transfer quotes were only 65% to 80% of the previous round's valuation. Industry consensus has shifted to delivery ledgers, cash collected, and the number of scenarios implemented, and whether 10,000-unit-level stable delivery can be achieved has become the new proof for a 10 billion valuation.