Seed 10 — IPO 基础持仓
XAI100 Inc.（拟纳斯达克上市，股票代码 AIBDC）以 10 项经审计、可估值的未上市 AI 资产作为 IPO 净资产基础 —— 包含已成立的 AI 独角兽与高潜力的 AI 未来独角兽，从全球未上市 AI 企业 100 强中精选。
为什么是这 10 家公司？
XAI100 Inc. 不以"盲池"概念募资。我们以 10 项经审计、可估值、具备真实营收的未上市 AI 资产作为 IPO 净资产基础（NAV），所有标的均从全球未上市 AI 企业 100 强中精选。
组合在已成立的 AI 独角兽（OpenAI、Anthropic、Databricks、Mistral）与高潜力 AI 未来独角兽（xAI、Cerebras、Perplexity、Reflection、Chai Discovery、Rogo AI）之间取得平衡 —— 前者提供 NAV 稳定性与现金流，后者贡献长期成长性。
我们坚持 "AI 原生" 投资标准：仅投资 AI 是核心生产力的公司，而非将 AI 作为附加功能的公司。
XAI100 Inc. does not raise capital on a "blind pool" concept. We launch with 10 audited, valuation-ready unlisted AI assets with real revenue as the IPO Net Asset Value (NAV), every one selected from the Global Top 100 Unlisted AI Enterprises.
The portfolio is balanced between established AI unicorns (OpenAI, Anthropic, Databricks, Mistral) and high-potential AI future unicorns (xAI, Cerebras, Perplexity, Reflection, Chai Discovery, Rogo AI) — the former delivering NAV stability and cash flow, the latter contributing long-term growth.
We follow an AI-native mandate: we only back companies where AI is the core productive force, not merely a feature.
结构、上市与流动性
美国 1940 年《投资公司法》项下的业务发展公司（BDC）
Business Development Company (BDC) under the U.S. Investment Company Act of 1940
拟于纳斯达克上市，股票代码 AIBDC
Intended NASDAQ listing under ticker AIBDC
1.5 亿 – 2 亿美元；定价基于 Seed 10 资产经审计 NAV，附合理市场溢价
$150M – $200M; pricing based on the audited NAV of the Seed 10, with a reasonable market premium
纳斯达克日内可交易 —— 无传统私募 AI 投资的多年锁定期
Daily trading liquidity on NASDAQ — no multi-year lock-ups typical of private AI investments
SEC 10-K / 10-Q / 8-K 定期披露；CFIUS 内部预审；AML / KYC；季度独立估值（Kroll、Houlihan Lokey）
SEC 10-K / 10-Q / 8-K periodic filings; internal CFIUS pre-clearance; AML/KYC; quarterly independent valuations (Kroll, Houlihan Lokey)
①子公司分拆于 NASDAQ / NYSE / HKEX 独立上市；②向科技巨头或行业平台战略并购；③以分红向股东返还现金
(1) Spin-off listings on NASDAQ / NYSE / HKEX; (2) strategic M&A by tech majors or industry platforms; (3) dividend distributions to shareholders
费率结构与税务穿透
按净资产年化收取，覆盖投后管理与运营成本
超过 8% 门槛收益（hurdle）部分按 20% 提成，附 high-water mark 机制，避免重复计提
BDC 须将 ≥90% 应税收入以股利形式分配，从而获得联邦企业所得税豁免（税务穿透）
对投资者意味着什么？ BDC 结构使 AIBDC 在分红节奏与税务效率上与传统封闭式基金存在本质差异 —— 投资者既享受未上市 AI 资产的成长，又能获得来源于成熟独角兽的稳定股利现金流。
费用对齐机制：业绩费仅在跨过 8% 门槛收益且超过历史最高净值时才提取，确保管理人与股东利益一致；不存在 "catch-up" 条款。
What this means for investors: the BDC structure gives AIBDC a fundamentally different distribution cadence and tax profile from traditional closed-end funds — investors get exposure to unlisted AI growth and a steady dividend stream funded by mature unicorns.
Alignment of incentives: the incentive fee is only taken once returns clear the 8% hurdle and exceed the historical high-water mark, aligning the manager with shareholders. There is no catch-up provision.
10 家未上市 AI 公司
投资 AIBDC 前请务必阅读
本页面所列资产为未上市私有公司证券，存在估值不确定性、流动性受限与本金损失风险。过往业绩不代表未来表现。
未上市资产采用季度独立估值（Kroll、Houlihan Lokey）；NAV 可能因融资轮、二级市场可比公司或宏观利率显著波动。
Unlisted holdings are independently valued quarterly (Kroll, Houlihan Lokey); NAV may move materially with new funding rounds, public-market comparables or macro rates.
AIBDC 为封闭式 BDC，股票于纳斯达克交易，但底层资产无法快速变现；二级市场价格可能折价或溢价于 NAV。
AIBDC is a closed-end BDC traded on NASDAQ. Underlying holdings are not readily liquidatable; the share price may trade at a discount or premium to NAV.
组合仅 10 项标的且 100% 集中于 AI 行业；任何 AI 监管、算力供给或客户集中事件可能对 NAV 产生显著影响。
The portfolio holds only 10 names and is 100% concentrated in AI; any AI regulatory, compute-supply or customer-concentration shock may materially affect NAV.
受美国 SEC、纳斯达克持续披露要求、CFIUS 审查、AML / KYC 与（适用时）出口管制约束；规则变化可能影响交易与持仓。
Subject to U.S. SEC and NASDAQ ongoing disclosure, CFIUS review, AML/KYC and (where applicable) export-control rules; rule changes may affect transactions and holdings.
1.75% 管理费与 20%/8% hurdle 业绩费会侵蚀总收益；请参阅「费用与分红」章节及完整披露文件。
The 1.75% management fee and 20%/8% hurdle incentive fee will reduce gross returns; see the Fees & Distributions section and full disclosure documents.
本页面包含前瞻性陈述（IPO 募资目标、退出路径等），实际结果可能因市场、监管与公司经营情况与之存在重大差异。
This page contains forward-looking statements (IPO sizing, exit paths, etc.); actual results may differ materially due to market, regulatory and company-specific factors.
合规框架。XAI100 Inc. 拟以美国 1940 年《投资公司法》项下的业务发展公司（BDC）形式运作，并接受美国证券交易委员会（SEC）持续监管，按规定提交 10-K / 10-Q / 8-K 等定期报告。
投资者适当性。本页面信息不构成任何司法管辖区内的证券要约或销售邀请。仅在符合当地法律法规且经合格投资者认证后，方可考虑投资。
Compliance framework. XAI100 Inc. intends to operate as a Business Development Company (BDC) under the U.S. Investment Company Act of 1940 and to be regulated by the U.S. Securities and Exchange Commission (SEC), filing 10-K / 10-Q / 8-K periodic reports as required.
Investor suitability. Nothing on this page constitutes an offer to sell or a solicitation to buy securities in any jurisdiction. Investment should be considered only where permitted by local law and after qualified-investor verification.
下载关键条款 PDF（中英对照）
完整版关键条款说明文件包含组合介绍、费用与分红、Seed 10 名单、风险揭示与合规声明，便于离线分享与归档。
PDF 内容仅供信息参考，不构成证券要约或销售邀请。