中文翻译

摘要: 受ChatGPT引发的AI热潮冲击，美国大量成立于此前的初创企业正面临估值暴跌与融资停滞。数据显示，近半数独角兽三年未获新融资，2021至2022年融资企业估值平均缩水52%至68%，超220家沦为“跌落独角兽”。AI大幅提升研发效率，且超2500亿美元资金涌入OpenAI等头部公司，彻底重塑风投估值逻辑。ChatGPT问世前的初创企业正遭遇“被颠覆或淘汰”的生存危机。

正文

'Disrupted or dead': AI is crushing a generation of startups built before ChatGPT

Published Mon, Jun 1 2026

7:00 AM EDT

Updated 28 Min Ago

Hugh Son

@hugh_son

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Key Points

Nearly half of America's 857 unicorn startups haven't raised fresh funding in three years, PitchBook data shows.

Startups that last raised in 2021 are worth 68% less on average, PitchBook found, while those that last raised in 2022 have seen their valuations decline 52%.

More than 220 companies that once hit billion-dollar valuations are now considered "fallen unicorns" — including Glossier, Savage X Fenty, AG1 and The Farmer's Dog, according to PitchBook, which provided a list of the companies exclusively to CNBC.

Largely to blame is the AI boom that has funneled more than $250 billion into OpenAI and Anthropic and reset valuations on entire classes of startups.

Matthias Balk | Picture Alliance | Getty Images

Five years ago, venture capitalists were pouring money into American startups selling everything from lingerie subscriptions to scheduling software, anointing them with billion-dollar valuations before most even turned a profit.

It was a

frothy era

for startups, fueled by a combination of cheap money and pandemic-boosted demand. But even after the Federal Reserve took some froth off by

starting

to raise interest rates in 2022, many founders believed that they could grow into their inflated valuations, investors told CNBC.

Then, an app called ChatGPT arrived.

"The ChatGPT moment was when people said, 'Holy smokes, the next generation of entrepreneurs, their coding language is spoken English,'" said

Samir Kaul,

a partner at the venture firm Khosla Ventures, an early backer of

.

"Now you're seeing 50 engineers do what it would've taken 500 engineers to do five years ago," Kaul said. "We had to completely reshuffle how we valued these companies."

While the shares of public software companies like

Salesforce

ServiceNow

got hamm

来源: Brave/cnbc.com

采集时间: 2026-06-01 20:26:17