DeepSeek’s valuation in one month jumped from $52 billion to $71 billion, up 37%. People who can’t get direct allocation go through the SPV secondary channel; the entry fee is marked up layer by layer to 6%-15%, and even after making money, they have to split it again—up to a maximum of 40%. A normal SPV charges a 2% upfront fee plus a 20% profit share. Liang Wenfeng has already started personally checking the identities of the final capital contributors. Even those who got the quota haven’t gone public yet, while the middlemen first pocket half of the returns. In AI financing’s FOMO, the last beneficiary is the channel—not the project.#美财政部拟回购最多60亿美元国债 $IOST