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YC 2026春季「创业征集令」——他们想投什么

YC 押注的不是「AI 能做什么」,而是「AI 让谁变得不再需要」——从产品经理到对冲基金交易员到政府公务员,每个方向都是用 AI agent 吃掉一个人力密集型行业。

2026-02-09
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核心观点

  • AI-Native Agency 是最大的结构性机会 YC 直说了:未来的 agency 长得像软件公司,有软件利润率,能比现有的碎片化市场大得多。核心逻辑是「别把 AI 卖给客户让他们自己用,而是自己用 AI 做完交付成品卖高价」。这是 100x pricing 的逻辑。
  • Cursor for PM = 「该做什么」比「怎么做」更值钱 当 coding agent 把实现成本压到接近零,瓶颈上移到产品定义。YC 认为下一代工具应该能吞掉用户访谈、产品数据、竞品情报,直接吐出「下一步做什么」以及为什么。这是 AI 指挥官的核心能力领域。
  • AI 赋能物理世界劳动者,不是取代他们 「AI Guidance for Physical Work」这条很有意思——不是替你干活,而是实时教你干活。AirPods + 手机摄像头 + 多模态模型 = 零培训上岗。YC 看到的是蓝领技能的彻底民主化。
  • Stablecoin 金融服务窗口正在打开 GENIUS 和 CLARITY 法案让稳定币卡在 DeFi 和 TradFi 中间地带,YC 认为这是构建新一代跨境金融服务的监管窗口期。跨境支付、收益账户、资产代币化都在射程内。
  • LLM 训练基础设施仍然烂得惊人 YC 创始人自己吐槽:2026 年了,训练 LLM 还在手动 SSH 进 GPU 实例 debug。数据管理、训练抽象、ML 开发环境都是空白。这说明 AI infra 层远未成熟。

跟我们的关联

1. AI-Native Agency 模式直接映射 Neta 的海外增长打法。 我们 20 人团队本质上就是 YC 说的「看起来像软件公司的 agency」——用 AI 把人效拉到极致,用少量人做出大团队的产出。2026 海外扩张如果需要本地化运营、内容生产、用户增长,这套「AI agency」思路可以直接复用:不雇大团队,而是用 AI agent 矩阵 + 少量操盘手。 2. Cursor for PM 和阿头的「AI 指挥官」北极星高度重合。 阿头追求的 top 0.0001% AI 指挥官,核心就是「用 AI 做产品决策」。YC 说得很清楚:当 coding 被 agent 接管,定义「做什么」的人才是稀缺资源。Neta 内部如果能率先跑通「AI 驱动产品决策」的流程(用户反馈 → AI 分析 → 优先级排序 → agent 实现),这本身就是竞争壁垒。 3. AI 社交产品的 DAU 10万+ 数据,恰恰是「Cursor for PM」最好的输入。 Neta 有真实的用户行为数据、对话数据、留存曲线。如果我们自己先把这套「AI 产品经理」工作流吃掉,既提升内部效率,又可能孵化出一个新产品方向。

讨论引子

  • Neta 的海外增长团队,应该按传统招人建团队的方式搞,还是按「AI-Native Agency」的模式——3 个人 + 一群 agent 矩阵来打?如果是后者,哪些环节最先用 agent 替代?
  • YC 说「定义做什么」比「怎么做」更值钱。我们内部的产品决策流程,有多少环节已经在用 AI?哪些环节最应该先 AI 化?
  • 如果 coding agent 真的把实现成本压到接近零,Neta 的护城河到底在哪——是数据、是社交关系链、是品牌,还是「AI 指挥官」的决策质量?

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2026 年春季 2025 年秋季 2025 年夏季 2025 年春季 2025 年冬季 2024 年夏季

2026 年春季

创业公司的构建方式正在快速变化。AI 原生公司如今可以以前所未有的速度、更低的成本、更大的野心被打造出来。我们对一系列创业方向感到兴奋:覆盖 AI 原生工作流、新的金融基础原语、现代化的工业系统等。这一次,其中还有几个想法直接来自 YC 创始人——他们正在前沿看到新的机会,并把它们分享出来。

面向产品经理的 Cursor#

作者:Andrew Miklas

过去几年里,我们看到用于写代码的 AI 工具爆发式增长。Cursor 和 Claude Code 很擅长在团队已经明确要做什么之后,帮助大家把软件做出来。但写代码只是打造“人们真正想要的产品”的一部分。最重要的部分,是先弄清楚到底该做什么!每一个成功的产品都离不开产品管理:与用户交流、理解市场、综合反馈、决定哪些问题值得解决,以及产品应该如何运作。无论这项工作由创始人、工程师还是产品经理来完成,本质活动并无不同。历史上,这个过程的产出通常是 PRD、Figma 原型、Jira 工单——这些工件旨在把意图传达给人类工程师。如今,团队会在流程的某些孤立环节使用 AI,但还没有一个系统能支持产品发现的完整闭环。想象这样一个工具:你上传客户访谈和产品使用数据,问一句“我们下一步该做什么?”,它就给出一个新功能的纲要,并基于客户反馈解释为什么这项改动值得做。它还会提出对产品 UI、数据模型和工作流的具体改动建议,并把开发任务拆分到可以交给你最喜欢的编码代理来处理。我们认为,存在一个机会去打造“产品管理领域的 Cursor”:一个 AI 原生系统,专注于帮助团队弄清楚要做什么,而不仅仅是怎么做。随着代理越来越多地承担实现的第一稿,我们定义并传达“要构建什么”的方式也必须随之改变。如果你正在这个方向创业,我们很想听你聊聊。

AI 原生对冲基金#

作者:Charlie Holtz

在 20 世纪 80 年代,一小群基金开始用计算机分析市场。当时这看起来似乎很荒唐,但量化交易如今已是显而易见的事情。我们现在正处于类似的拐点:下一个 Renaissance、Bridgewater 和 D.E. Shaw 将建立在 AI 之上。世界上最大的基金适应得很慢。我曾在其中一家基金做量化研究员,当我向合规部门请求让我们使用 ChatGPT 时,甚至连回应都没有。这让我很清楚:未来的对冲基金不会只是把 AI “外挂”到既有策略上;他们会用 AI 来提出全新的策略。超额收益(alpha)就在这里。我们已经拥有一群群的 Claude 代理在编写我们的代码库。想象一群群代理去做现在对冲基金交易员做的事——翻阅 10-K 报告、财报电话会议、SEC 申报文件,综合分析师观点并执行交易。AI 原生对冲基金将会是第一个把这件事真正做好的。

AI 原生代理机构#

作者:Aaron Epstein

代理机构一直都极难规模化:利润率低、人工工作慢,而增长的唯一办法就是不断加人。但 AI 会改变这一点。现在,你不必把软件卖给客户去“帮助他们做事”,而是可以自己使用软件替他们把活干完,然后以高出 100 倍的价格把最终成品卖给他们,从而收取更高费用。想象一家设计公司用 AI 为客户提前产出定制设计方案,在合同签署之前就先赢得业务;或者一家广告代理用 AI 生成惊艳的视频广告,不再需要搭建实体拍摄场景的时间与成本;又或者一家律所用 AI 在几分钟内起草法律文件,而不是拖上几周。正因为如此,未来的代理机构会更像软件公司,拥有软件级的利润率;并且能在当下这些高度碎片化的市场里,做到比现有任何代理机构都更大的规模。如果你正在重新思考未来的代理机构与服务型业务应当如何构建,我们很想听你聊聊。

稳定币金融服务#

作者:Daivik Goel

稳定币正在迅速成为全球金融的关键基础设施,但其上层的金融服务仍有很大一部分尚未被构建。《GENIUS 法案》和《CLARITY 法案》正在把稳定币放到一个介于 DeFi 与传统金融(TradFi)之间的独特位置:合规,但又是加密原生。这为一类金融服务创造了空间:它们能提供 DeFi 的好处(例如更好的收益率,或获取代币化的现实世界资产),同时又在传统合规框架下运作。今天,企业和个人往往不得不在“受监管但上行有限的金融产品”和“无监管但风险真实存在的加密产品”之间做选择。处于监管中间地带的稳定币可以弥合这道鸿沟——无论是计息账户、新的投资入口,还是让资金跨境流动更快、更便宜的基础设施。监管窗口已经打开,轨道正在铺设。现在正是打造一种“模糊两种世界边界”的产品的最佳时机。

政府用 AI#

作者:Tom Blomfield

第一波 AI 公司帮助企业和普通人以前所未有的速度与准确性填写表格、完成线上申请。反过来,许多表格最终会流入地方、州和联邦政府部门——而他们现在还在把这些表格打印出来,然后手工处理。政府迫切需要 AI 工具来应对即将到来的巨大增量。其好处也很直接:政府会变得更具成本效率、响应更及时。我们在爱沙尼亚等地已经看到一些“数字政府”的雏形,但需要把它推广到世界其他地区。这类创业并不适合胆小的人。向政府销售极其困难,但一旦你搞定第一个客户,他们往往粘性很强,并且能扩展成体量巨大的合同。

现代化金属轧厂#

作者:Zane Hengsperger

人们谈起“让美国再工业化”时,通常聚焦于劳动力成本或地缘政治。但有一个更大的问题就明摆在眼前:美国的金属轧厂在设计上就很慢。如果你在美国购买轧制铝材或钢管,交付周期 8 到 30 周是常态。大多数买家甚至无法直接从轧厂采购。即便价格很高,轧厂仍然在微薄的利润率下运转。这不是因为需求疲弱或工人不够熟练——而是因为支撑这些轧厂的系统是在几十年前设计的。生产计划、排产、报价与执行彼此割裂。轧厂优化的是吨位与产能利用率,而不是速度、灵活性或利润率。短批量与规格变更被当作“干扰”,而不是机会。恰逢劳动力规模缩小之时,自动化反而滞后。物料搬运、换线、检验与质量控制仍依赖少数资深操作员掌握的“口口相传的经验”。自动化多被用来在缓慢系统里“多推一些吨位”,而不是用来消除准备时间与波动性。能源是问题的另一半。铝和钢都极其耗能,但大多数轧厂仍依赖传统电力合同与缺乏弹性的电网。新的能源模式——现场发电、更聪明的用电管理,甚至下一代核能——都可能显著降低成本,但它们很少在一开始就被纳入轧厂的设计。变化在于:软件与能源技术终于足够成熟,能够让我们重新思考整个系统。AI 驱动的计划、实时 MES、以及现代自动化可以在压缩交付周期的同时提高利润率。我们认为,这创造了一个机会:去建设现代化、软件定义的美国轧厂——尤其是在铝材轧制与钢管领域,因为那里长交期与能源成本最为根深蒂固。轧厂现代化不只是为了更快,而是为了让本土金属更便宜、更灵活、更赚钱——并重建美国的工业基础。

面向现场工作的 AI 指导#

作者:David Lieb

你还记得《黑客帝国》里的那一幕吗?Neo 把一根线插到后脑勺,过一会儿醒来就说:“我会功夫了。”体力与现场工作也即将迎来类似的东西——不是通过脑机植入,而是通过实时 AI 指导。许多关于 AI 的讨论都集中在“哪些办公室工作会被替代”。但对于现场工作——比如外勤服务、制造业、医疗护理——AI 还无法在现实世界中直接行动。它能做的是:看见、推理、并指导真正动手的人。想象你戴着一个小摄像头,AI 看见你所看见的一切,并一步步告诉你怎么做:关掉那个阀门,用 ⅜ 英寸扳手,那块零件看起来磨损了,换掉它。工人不再需要几个月甚至几年的训练就能上手,而是可以立刻变得高效——AI 随时辅导他们,并在需要时调用新的技能。为什么是现在?三件事汇聚在一起。第一,多模态模型如今已经能可靠地“看见并推理”现实场景。第二,硬件早已无处不在——手机、AirPods、智能眼镜。第三,熟练劳动力短缺让这件事在经济上变得迫切,而它也将成为数百万人的高薪工作。你可以选择几种路径。最直接的是构建这套系统并卖给拥有既有劳动力的公司。或者,你也可以选择一个垂直领域,比如 HVAC 维修或护理,打造一支全栈的“超能力劳动力”。再或者,你可以做一个平台,让任何人都能报名成为熟练工人,或开启自己的小生意。如果你有兴趣让现场工作者获得类似 Claude Code 赋予你的那种 AI 超能力,我们很想看到你的申请。

大型空间模型#

作者:Ryan McLinko

大语言模型驱动了近期 AI 的大多数突破,但它们的影响主要被限制在那些可以用语言表达的领域。要解锁下一波 AI 能力、并推动通用人工智能的发展,将需要具备空间推理能力的模型。今天的系统可以处理有限的空间任务,例如基本的关系判断或深度估计,但它们无法稳健地推理空间操作、2D 与 3D 特征、它们之间的关系,或诸如“心理旋转”这样的操作。这限制了 AI 理解并与物理世界互动的能力。这里存在一个机会:构建大规模的空间推理模型,把几何与物理结构作为一等原语,而不是叠加在语言之上的近似层。这样的模型将使 AI 系统能够推理并设计现实世界中的物体与环境。若有公司成功打造出这项能力,它就可能定义下一代 AI 基础模型,达到 OpenAI 或 Anthropic 那样的量级。

面向政府反欺诈调查者的基础设施#

作者:Garry Tan

我们希望资助能把政府欺诈调查带入现代化时代的创业公司。政府是地球上最大的客户——联邦、州与地方各层级每年支出数万亿美元,同时也会以相称的规模在欺诈中“失血”。仅 Medicare 一项,每年就因不当支付损失数百亿美元。要以规模化的方式把这笔钱追回来,最有效的方法之一,是《虚假索赔法》(False Claims Act)中的 qui tam 条款。它允许私人公民代表政府对欺诈政府的公司提起诉讼。如果案件胜诉,这些公民可以保留追回款项的一定比例。眼下,这个流程慢得令人痛苦:内部人士向律所提供线索,然后律所花上数月甚至数年,手工调取文件并构建案件。这本该由软件加速。不是仪表盘,而是智能系统:能接住内部线索并围绕它组织证据——解析混乱的 PDF、追踪不透明的公司结构,并把发现打包成可直接用于起诉的材料。有些创业公司已经在自己提交 FCA 索赔,但我们认为更大的机会在于:打造工具,大幅加速举报人律所、州总检察长(state AGs)以及监察长(inspectors general)的工作。这里创始人画像很重要。我们希望团队里至少有一位创始人真正做过类似工作——无论是曾任 FCA 律师、合规负责人还是审计人员。现在正是做这件事的时机:AI 能力终于到位,而且两党都有推动行动的顺风。如果你能把欺诈追回速度提升 10 倍,你将打造一家巨大的公司——并把数十亿美元还给纳税人。

让 LLM 易于训练#

作者:Gabriel Birnbaum

训练大语言模型至今仍出奇地困难。我和联合创始人 Eric 在 Can of Soup 训练扩散模型与语言模型已经三年了。尽管 AI 获得了如此多的关注,相关工具链却几乎没有改进。任何一天里,我们都可能花大量时间应付损坏的 SDK、SSH 进已经坏掉的 GPU 实例(你往往要等它跑了半小时才发现它是坏的),或在开源工具里发现重大 bug。更不用说管理、获取、处理与可视化数 TB 数据的工作了。我真心希望有产品能让 LLM 训练变得简单。• 抽象训练的 API。• 便于管理超大数据集的数据库。• 为 ML 研究而生的开发环境。随着后训练(post-training)与模型专门化变得越来越重要,我能想象这些产品会成为未来软件构建方式的基础。

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创业公司需求清单

Requests for Startups

RFS 是我们的一项传统:分享一些我们希望创始人去攻克的想法。这些只占我们资助内容的一小部分——如果其中某个想法让你兴奋,把它当作额外的验证,果断投入也无妨;但申请 YC 并不要求你必须做这些方向。

RFS is our tradition of sharing ideas wed like to see founders tackle. These represent just a fraction of what we fund — if one excites you, take it as extra validation to dive in, but you dont need to work on these ideas to apply to YC.

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2026 年春季

Spring 2026

创业公司的构建方式正在快速变化。AI 原生公司如今可以以前所未有的速度、更低的成本、更大的野心被打造出来。我们对一系列创业方向感到兴奋:覆盖 AI 原生工作流、新的金融基础原语、现代化的工业系统等。这一次,其中还有几个想法直接来自 YC 创始人——他们正在前沿看到新的机会,并把它们分享出来。

The way startups are built has shifted quickly. AI-native companies can now be built faster, cheaper, and with more ambition than ever. Were excited about a range of startup ideas that span AI-native workflows, new financial primitives, modernized industrial systems, and more. This time around, a few even come directly from YC founders sharing opportunities theyre seeing on the frontier.

面向产品经理的 Cursor#

Cursor for Product Managers#

过去几年里,我们看到用于写代码的 AI 工具爆发式增长。Cursor 和 Claude Code 很擅长在团队已经明确要做什么之后,帮助大家把软件做出来。但写代码只是打造“人们真正想要的产品”的一部分。最重要的部分,是先弄清楚到底该做什么!每一个成功的产品都离不开产品管理:与用户交流、理解市场、综合反馈、决定哪些问题值得解决,以及产品应该如何运作。无论这项工作由创始人、工程师还是产品经理来完成,本质活动并无不同。历史上,这个过程的产出通常是 PRD、Figma 原型、Jira 工单——这些工件旨在把意图传达给人类工程师。如今,团队会在流程的某些孤立环节使用 AI,但还没有一个系统能支持产品发现的完整闭环。想象这样一个工具:你上传客户访谈和产品使用数据,问一句“我们下一步该做什么?”,它就给出一个新功能的纲要,并基于客户反馈解释为什么这项改动值得做。它还会提出对产品 UI、数据模型和工作流的具体改动建议,并把开发任务拆分到可以交给你最喜欢的编码代理来处理。我们认为,存在一个机会去打造“产品管理领域的 Cursor”:一个 AI 原生系统,专注于帮助团队弄清楚要做什么,而不仅仅是怎么做。随着代理越来越多地承担实现的第一稿,我们定义并传达“要构建什么”的方式也必须随之改变。如果你正在这个方向创业,我们很想听你聊聊。

Over the last few years, weve seen an explosion of AI tools for writing code. Cursor and Claude Code are great at helping teams build software once its clear what needs to be built. But writing code is only part of building a product people want. The most important part is figuring out what to build in the first place! Every successful product requires product management: talking to users, understanding markets, synthesizing feedback, and deciding what problems are worth solving and how the product should work. Whether this process is done by founders, engineers, or product managers, the activity is the same. Historically, the output has been product requirements docs, Figma mocks, and Jira tickets — artifacts designed to communicate intent to human engineers. Today, teams use AI in isolated parts of this process, but theres no system that supports the full loop of product discovery. Imagine a tool where you upload customer interviews and product usage data, ask what should we build next?, and get the outline of a new feature complete with an explanation based on customer feedback as to why this is a change worth making. The tool would also propose specific changes to your products UI, data model, and workflows, and would break down the development tasks so they could be handled by your favorite coding agent. We think theres an opportunity to build a Cursor for product management: an AI-native system focused on helping teams figure out what to build, not just how to build it. As agents increasingly take the first pass at implementation, the way we define and communicate what to build needs to change. If youre building in this space, wed love to hear from you.

AI 原生对冲基金#

AI-Native Hedge Funds#

在 20 世纪 80 年代,一小群基金开始用计算机分析市场。当时这看起来似乎很荒唐,但量化交易如今已是显而易见的事情。我们现在正处于类似的拐点:下一个 Renaissance、Bridgewater 和 D.E. Shaw 将建立在 AI 之上。世界上最大的基金适应得很慢。我曾在其中一家基金做量化研究员,当我向合规部门请求让我们使用 ChatGPT 时,甚至连回应都没有。这让我很清楚:未来的对冲基金不会只是把 AI “外挂”到既有策略上;他们会用 AI 来提出全新的策略。超额收益(alpha)就在这里。我们已经拥有一群群的 Claude 代理在编写我们的代码库。想象一群群代理去做现在对冲基金交易员做的事——翻阅 10-K 报告、财报电话会议、SEC 申报文件,综合分析师观点并执行交易。AI 原生对冲基金将会是第一个把这件事真正做好的。

In the 1980s, a small group of funds started using computers to analyze markets. At the time it seemed silly, but quantitative trading is now obvious. Were at a similar inflection point now, and the next Renaissance, Bridgewater, and D.E. Shaws are going to be built on AI. The biggest funds in the world have been slow to adapt. I worked as a quant researcher at one of these funds, and when I asked compliance to let us use ChatGPT, I didnt even get a response. It made it clear to me that the hedge funds of the future wont just bolt AI onto their existing strategies. Theyll use it to come up with entirely new ones. Thats where the alpha is. Weve already got swarms of Claude agents writing our codebases. Imagine swarms of agents doing what hedge fund traders do now - combing through 10-Ks, earnings calls, and SEC filings, synthesizing analyst ideas and making trades. An AI-native hedge fund will be the first to do this well.

AI 原生代理机构#

AI-Native Agencies#

代理机构一直都极难规模化:利润率低、人工工作慢,而增长的唯一办法就是不断加人。但 AI 会改变这一点。现在,你不必把软件卖给客户去“帮助他们做事”,而是可以自己使用软件替他们把活干完,然后以高出 100 倍的价格把最终成品卖给他们,从而收取更高费用。想象一家设计公司用 AI 为客户提前产出定制设计方案,在合同签署之前就先赢得业务;或者一家广告代理用 AI 生成惊艳的视频广告,不再需要搭建实体拍摄场景的时间与成本;又或者一家律所用 AI 在几分钟内起草法律文件,而不是拖上几周。正因为如此,未来的代理机构会更像软件公司,拥有软件级的利润率;并且能在当下这些高度碎片化的市场里,做到比现有任何代理机构都更大的规模。如果你正在重新思考未来的代理机构与服务型业务应当如何构建,我们很想听你聊聊。

Agencies have always been crazy hard to scale. Low margins, slow manual work, and the only way to grow is to add more people. But AI changes this. Now instead of selling software to customers to help them do the work, you can charge way more by using the software yourself and selling them the finished product at 100x the price. Think of a design firm that uses AI to produce custom design work for clients upfront, to win the business before the contract is even signed. Or an ad agency that uses AI to create stunning video ads without the time and expense of setting up a physical shoot. Or a law firm that uses AI to write legal docs in minutes, rather than weeks. Thats why agencies of the future will look more like software companies, with software margins. And theyll scale far bigger than any agencies that exist in these fragmented markets today. If youre rethinking how agencies and service businesses of the future will be built, wed love to hear from you.

稳定币金融服务#

Stablecoin Financial Services#

稳定币正在迅速成为全球金融的关键基础设施,但其上层的金融服务仍有很大一部分尚未被构建。《GENIUS 法案》和《CLARITY 法案》正在把稳定币放到一个介于 DeFi 与传统金融(TradFi)之间的独特位置:合规,但又是加密原生。这为一类金融服务创造了空间:它们能提供 DeFi 的好处(例如更好的收益率,或获取代币化的现实世界资产),同时又在传统合规框架下运作。今天,企业和个人往往不得不在“受监管但上行有限的金融产品”和“无监管但风险真实存在的加密产品”之间做选择。处于监管中间地带的稳定币可以弥合这道鸿沟——无论是计息账户、新的投资入口,还是让资金跨境流动更快、更便宜的基础设施。监管窗口已经打开,轨道正在铺设。现在正是打造一种“模糊两种世界边界”的产品的最佳时机。

Stablecoins are rapidly becoming critical infrastructure for global finance, yet much of the financial services layer remains unbuilt. The GENIUS and CLARITY Acts are placing stablecoins in a unique position between DeFi and TradFi, compliant but crypto-native. This creates room for financial services that offer DeFi benefits like better yield or access to tokenized real-world assets while operating under traditional compliance frameworks. Today, businesses and individuals must choose between regulated financial products with limited upside and unregulated crypto with real risk. Stablecoins sitting in the regulatory middle ground can bridge this gap, whether thats yield-bearing accounts, new investment access, or infrastructure that makes money move faster and cheaper across borders. The regulatory window is open. The rails are being laid. Its the perfect time to build something that blurs the line between the two worlds.

政府用 AI#

AI for Government#

第一波 AI 公司帮助企业和普通人以前所未有的速度与准确性填写表格、完成线上申请。反过来,许多表格最终会流入地方、州和联邦政府部门——而他们现在还在把这些表格打印出来,然后手工处理。政府迫切需要 AI 工具来应对即将到来的巨大增量。其好处也很直接:政府会变得更具成本效率、响应更及时。我们在爱沙尼亚等地已经看到一些“数字政府”的雏形,但需要把它推广到世界其他地区。这类创业并不适合胆小的人。向政府销售极其困难,但一旦你搞定第一个客户,他们往往粘性很强,并且能扩展成体量巨大的合同。

The first wave of AI companies has helped businesses and normal people fill in forms and complete online applications with unprecedented speed and accuracy. On the flip side, many of these forms will be received by local, state, and federal government, where theyre currently printing them out and processing them by hand. Government desperately needs AI tools to deal with the huge increase thats coming down the line. And the benefit is that it will also make government much more cost-effective and responsive. Weve seen hints of this digital government in places like Estonia, but we need to spread it to the rest of the world. This kind of startup is not for the faint of heart. Selling to government is extremely hard, but once youve figured out how to land your first customer, they tend to be very sticky and can expand to huge contracts.

现代化金属轧厂#

Modern Metal Mills#

人们谈起“让美国再工业化”时,通常聚焦于劳动力成本或地缘政治。但有一个更大的问题就明摆在眼前:美国的金属轧厂在设计上就很慢。如果你在美国购买轧制铝材或钢管,交付周期 8 到 30 周是常态。大多数买家甚至无法直接从轧厂采购。即便价格很高,轧厂仍然在微薄的利润率下运转。这不是因为需求疲弱或工人不够熟练——而是因为支撑这些轧厂的系统是在几十年前设计的。生产计划、排产、报价与执行彼此割裂。轧厂优化的是吨位与产能利用率,而不是速度、灵活性或利润率。短批量与规格变更被当作“干扰”,而不是机会。恰逢劳动力规模缩小之时,自动化反而滞后。物料搬运、换线、检验与质量控制仍依赖少数资深操作员掌握的“口口相传的经验”。自动化多被用来在缓慢系统里“多推一些吨位”,而不是用来消除准备时间与波动性。能源是问题的另一半。铝和钢都极其耗能,但大多数轧厂仍依赖传统电力合同与缺乏弹性的电网。新的能源模式——现场发电、更聪明的用电管理,甚至下一代核能——都可能显著降低成本,但它们很少在一开始就被纳入轧厂的设计。变化在于:软件与能源技术终于足够成熟,能够让我们重新思考整个系统。AI 驱动的计划、实时 MES、以及现代自动化可以在压缩交付周期的同时提高利润率。我们认为,这创造了一个机会:去建设现代化、软件定义的美国轧厂——尤其是在铝材轧制与钢管领域,因为那里长交期与能源成本最为根深蒂固。轧厂现代化不只是为了更快,而是为了让本土金属更便宜、更灵活、更赚钱——并重建美国的工业基础。

When people talk about reindustrializing America, they usually focus on labor costs or geopolitics. But a bigger problem is hiding in plain sight: American metal mills are slow by design. If you buy rolled aluminum or steel tube in the U.S., lead times of 8 to 30 weeks are normal. Most buyers cant even purchase directly from mills. And despite high prices, mills still operate on thin margins. Thats not because demand is weak or workers are unskilled—its because the systems running these mills were designed decades ago. Production planning, scheduling, quoting, and execution are fragmented. Mills optimize for tonnage and utilization, not speed, flexibility, or margin. Short runs and spec changes are treated as disruptions instead of opportunities. Automation has lagged at the exact moment the workforce is shrinking. Material handling, changeovers, inspection, and quality control still rely on tribal knowledge held by a few experienced operators. Automation is mostly used to push more tons through a slow system, not to eliminate setup time or variability. Energy is the other half of the problem. Aluminum and steel are extremely energy-intensive, yet most mills rely on legacy power contracts and inflexible grids. New energy models—on-site generation, smarter power management, even next-generation nuclear—could dramatically reduce costs, but theyre rarely designed into mills from the start. Whats changed is that software and energy technology are finally good enough to rethink the entire system. AI-driven planning, real-time MES, and modern automation can compress lead times and raise margins at the same time. We think this creates an opportunity to build modern, software-defined American mills—especially in aluminum rolling and steel tube—where long lead times and energy costs are most entrenched. Modernizing mills isnt just about going faster. Its about making domestic metal cheaper, more flexible, and more profitable—and rebuilding the industrial foundation of the U.S.

面向现场工作的 AI 指导#

AI Guidance for Physical Work#

你还记得《黑客帝国》里的那一幕吗?Neo 把一根线插到后脑勺,过一会儿醒来就说:“我会功夫了。”体力与现场工作也即将迎来类似的东西——不是通过脑机植入,而是通过实时 AI 指导。许多关于 AI 的讨论都集中在“哪些办公室工作会被替代”。但对于现场工作——比如外勤服务、制造业、医疗护理——AI 还无法在现实世界中直接行动。它能做的是:看见、推理、并指导真正动手的人。想象你戴着一个小摄像头,AI 看见你所看见的一切,并一步步告诉你怎么做:关掉那个阀门,用 ⅜ 英寸扳手,那块零件看起来磨损了,换掉它。工人不再需要几个月甚至几年的训练就能上手,而是可以立刻变得高效——AI 随时辅导他们,并在需要时调用新的技能。为什么是现在?三件事汇聚在一起。第一,多模态模型如今已经能可靠地“看见并推理”现实场景。第二,硬件早已无处不在——手机、AirPods、智能眼镜。第三,熟练劳动力短缺让这件事在经济上变得迫切,而它也将成为数百万人的高薪工作。你可以选择几种路径。最直接的是构建这套系统并卖给拥有既有劳动力的公司。或者,你也可以选择一个垂直领域,比如 HVAC 维修或护理,打造一支全栈的“超能力劳动力”。再或者,你可以做一个平台,让任何人都能报名成为熟练工人,或开启自己的小生意。如果你有兴趣让现场工作者获得类似 Claude Code 赋予你的那种 AI 超能力,我们很想看到你的申请。

You know that scene in The Matrix, where Neo plugs a cable into the back of his head and wakes up a while later and says I know Kung Fu? Physical work is about to get something similar – not through brain implants, but through real-time AI guidance. Much of the AI conversation focuses on which desk jobs will get replaced. But for physical work—stuff like field services, manufacturing, healthcare—AI cant yet act in the world. What it can do is see, reason, and guide the human who does. Imagine wearing a small camera while an AI sees what you see and talks you through the job: turn off that valve, use the ⅜ inch wrench, that part looks worn, replace it. Instead of needing months or years of training, workers can become effective immediately, with AI coaching them and accessing new skills when needed. Why now? Three things have converged. First, multimodal models can now see and reason about real-world situations reliably. Second, the hardware is already everywhere – phones, AirPods, Smart Glasses. And third, skilled labor shortages make this economically urgent and a high wage job for millions of people. There are a few approaches you could take. The most obvious is to build this system and sell it to companies with existing workforces. Or, you could pick a vertical, like HVAC repair or nursing, and build a full-stack superpowered workforce. Or, you could build a platform that lets anyone sign up and become a skilled worker or start their own business. If youre interested in giving physical workers the same type of AI superpowers that Claude Code gives you, wed love to see you apply.

大型空间模型#

Large Spatial Models#

大语言模型驱动了近期 AI 的大多数突破,但它们的影响主要被限制在那些可以用语言表达的领域。要解锁下一波 AI 能力、并推动通用人工智能的发展,将需要具备空间推理能力的模型。今天的系统可以处理有限的空间任务,例如基本的关系判断或深度估计,但它们无法稳健地推理空间操作、2D 与 3D 特征、它们之间的关系,或诸如“心理旋转”这样的操作。这限制了 AI 理解并与物理世界互动的能力。这里存在一个机会:构建大规模的空间推理模型,把几何与物理结构作为一等原语,而不是叠加在语言之上的近似层。这样的模型将使 AI 系统能够推理并设计现实世界中的物体与环境。若有公司成功打造出这项能力,它就可能定义下一代 AI 基础模型,达到 OpenAI 或 Anthropic 那样的量级。

Large language models have driven most of the recent breakthroughs in AI, but their impact has been constrained to domains that can be expressed primarily through language. Unlocking the next wave of AI capability, and enabling artificial general intelligence, will require models that are capable of spatial reasoning. Todays systems can handle limited spatial tasks, such as basic relationships or depth estimation, but they cannot robustly reason about spatial manipulation, 2D and 3D features, their relationships, or operations like mental rotation. This limits AIs ability to understand and interact with the physical world. There is an opportunity to build large-scale spatial reasoning models that treat geometry and physical structure as first-class primitives, not approximations layered on top of language. Such models would enable AI systems to reason about and design real-world objects and environments. A company that succeeds in building this capability could define the next AI foundation model, on the scale of OpenAI or Anthropic.

面向政府反欺诈调查者的基础设施#

Infra for Government Fraud Hunters#

我们希望资助能把政府欺诈调查带入现代化时代的创业公司。政府是地球上最大的客户——联邦、州与地方各层级每年支出数万亿美元,同时也会以相称的规模在欺诈中“失血”。仅 Medicare 一项,每年就因不当支付损失数百亿美元。要以规模化的方式把这笔钱追回来,最有效的方法之一,是《虚假索赔法》(False Claims Act)中的 qui tam 条款。它允许私人公民代表政府对欺诈政府的公司提起诉讼。如果案件胜诉,这些公民可以保留追回款项的一定比例。眼下,这个流程慢得令人痛苦:内部人士向律所提供线索,然后律所花上数月甚至数年,手工调取文件并构建案件。这本该由软件加速。不是仪表盘,而是智能系统:能接住内部线索并围绕它组织证据——解析混乱的 PDF、追踪不透明的公司结构,并把发现打包成可直接用于起诉的材料。有些创业公司已经在自己提交 FCA 索赔,但我们认为更大的机会在于:打造工具,大幅加速举报人律所、州总检察长(state AGs)以及监察长(inspectors general)的工作。这里创始人画像很重要。我们希望团队里至少有一位创始人真正做过类似工作——无论是曾任 FCA 律师、合规负责人还是审计人员。现在正是做这件事的时机:AI 能力终于到位,而且两党都有推动行动的顺风。如果你能把欺诈追回速度提升 10 倍,你将打造一家巨大的公司——并把数十亿美元还给纳税人。

We want to fund startups that bring government fraud investigation into the modern era. Government is the biggest customer on earth—it spends trillions annually at the federal, state and local levels, and it hemorrhages a commensurate amount in fraud. Medicare alone loses tens of billions a year to improper payments. One of the most effective ways to claw this money back at scale is the qui tam provision under the False Claims Act. This lets private citizens file lawsuits on behalf of the government against companies defrauding it. If the case succeeds, these citizens get to keep a percentage of whatevers recovered. At the moment, this process is painfully slow: An insider tips off a law firm, and then the firm spends months or years manually pulling documents and building the case. This should be accelerated with software. Not dashboards, but intelligent systems that can take an insider tip and organize the evidence around it—parsing messy PDFs, tracing opaque corporate structures, and packaging the findings into complaint-ready files. Some startups are already filing FCA claims themselves, but we think theres a big opportunity to build tools that dramatically speed up whistleblower law firms, state AGs, and inspectors general. Founder profile matters here. Were looking for teams where at least one founder has actually done work like this, whether thats a former FCA counsel, compliance lead or auditor. Now is the time to build this: the AI capabilities are finally here, and theres bipartisan tailwind to act. If you can make fraud recovery 10x faster, youll build a huge business — and return billions to taxpayers.

让 LLM 易于训练#

Make LLMs Easy to Train#

训练大语言模型至今仍出奇地困难。我和联合创始人 Eric 在 Can of Soup 训练扩散模型与语言模型已经三年了。尽管 AI 获得了如此多的关注,相关工具链却几乎没有改进。任何一天里,我们都可能花大量时间应付损坏的 SDK、SSH 进已经坏掉的 GPU 实例(你往往要等它跑了半小时才发现它是坏的),或在开源工具里发现重大 bug。更不用说管理、获取、处理与可视化数 TB 数据的工作了。我真心希望有产品能让 LLM 训练变得简单。• 抽象训练的 API。• 便于管理超大数据集的数据库。• 为 ML 研究而生的开发环境。随着后训练(post-training)与模型专门化变得越来越重要,我能想象这些产品会成为未来软件构建方式的基础。

Training large language models is still surprisingly difficult. My co-founder Eric and I have spent the last three years training diffusion and language models at Can of Soup, and despite all the attention AI has received, the tooling has barely improved. On any given day we may spend significant time dealing with broken SDKs, SSHing into busted GPU instances (that you only find out are busted after spinning them up for half an hour), or discovering major bugs in open-source tooling. Not to mention the work of managing, sourcing, processing, and visualizing terabytes of data. Id love to use products that make LLM training easy. • APIs that abstract training. • Databases to easily manage very large datasets. • Dev environments built with ML research in mind. As post-training and model specialization become more important, I could see these products becoming the foundation of how software is built in the future.

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Requests for Startups

RFS is our tradition of sharing ideas wed like to see founders tackle. These represent just a fraction of what we fund — if one excites you, take it as extra validation to dive in, but you dont need to work on these ideas to apply to YC.

Spring 2026Fall 2025Summer 2025Spring 2025Winter 2025Summer 2024

Spring 2026

The way startups are built has shifted quickly. AI-native companies can now be built faster, cheaper, and with more ambition than ever. Were excited about a range of startup ideas that span AI-native workflows, new financial primitives, modernized industrial systems, and more. This time around, a few even come directly from YC founders sharing opportunities theyre seeing on the frontier.

Cursor for Product Managers#

By Andrew Miklas

Over the last few years, weve seen an explosion of AI tools for writing code. Cursor and Claude Code are great at helping teams build software once its clear what needs to be built. But writing code is only part of building a product people want. The most important part is figuring out what to build in the first place! Every successful product requires product management: talking to users, understanding markets, synthesizing feedback, and deciding what problems are worth solving and how the product should work. Whether this process is done by founders, engineers, or product managers, the activity is the same. Historically, the output has been product requirements docs, Figma mocks, and Jira tickets — artifacts designed to communicate intent to human engineers. Today, teams use AI in isolated parts of this process, but theres no system that supports the full loop of product discovery. Imagine a tool where you upload customer interviews and product usage data, ask what should we build next?, and get the outline of a new feature complete with an explanation based on customer feedback as to why this is a change worth making. The tool would also propose specific changes to your products UI, data model, and workflows, and would break down the development tasks so they could be handled by your favorite coding agent. We think theres an opportunity to build a Cursor for product management: an AI-native system focused on helping teams figure out what to build, not just how to build it. As agents increasingly take the first pass at implementation, the way we define and communicate what to build needs to change. If youre building in this space, wed love to hear from you.

AI-Native Hedge Funds#

By Charlie Holtz

In the 1980s, a small group of funds started using computers to analyze markets. At the time it seemed silly, but quantitative trading is now obvious. Were at a similar inflection point now, and the next Renaissance, Bridgewater, and D.E. Shaws are going to be built on AI. The biggest funds in the world have been slow to adapt. I worked as a quant researcher at one of these funds, and when I asked compliance to let us use ChatGPT, I didnt even get a response. It made it clear to me that the hedge funds of the future wont just bolt AI onto their existing strategies. Theyll use it to come up with entirely new ones. Thats where the alpha is. Weve already got swarms of Claude agents writing our codebases. Imagine swarms of agents doing what hedge fund traders do now - combing through 10-Ks, earnings calls, and SEC filings, synthesizing analyst ideas and making trades. An AI-native hedge fund will be the first to do this well.

AI-Native Agencies#

By Aaron Epstein

Agencies have always been crazy hard to scale. Low margins, slow manual work, and the only way to grow is to add more people. But AI changes this. Now instead of selling software to customers to help them do the work, you can charge way more by using the software yourself and selling them the finished product at 100x the price. Think of a design firm that uses AI to produce custom design work for clients upfront, to win the business before the contract is even signed. Or an ad agency that uses AI to create stunning video ads without the time and expense of setting up a physical shoot. Or a law firm that uses AI to write legal docs in minutes, rather than weeks. Thats why agencies of the future will look more like software companies, with software margins. And theyll scale far bigger than any agencies that exist in these fragmented markets today. If youre rethinking how agencies and service businesses of the future will be built, wed love to hear from you.

Stablecoin Financial Services#

By Daivik Goel

Stablecoins are rapidly becoming critical infrastructure for global finance, yet much of the financial services layer remains unbuilt. The GENIUS and CLARITY Acts are placing stablecoins in a unique position between DeFi and TradFi, compliant but crypto-native. This creates room for financial services that offer DeFi benefits like better yield or access to tokenized real-world assets while operating under traditional compliance frameworks. Today, businesses and individuals must choose between regulated financial products with limited upside and unregulated crypto with real risk. Stablecoins sitting in the regulatory middle ground can bridge this gap, whether thats yield-bearing accounts, new investment access, or infrastructure that makes money move faster and cheaper across borders. The regulatory window is open. The rails are being laid. Its the perfect time to build something that blurs the line between the two worlds.

AI for Government#

By Tom Blomfield

The first wave of AI companies has helped businesses and normal people fill in forms and complete online applications with unprecedented speed and accuracy. On the flip side, many of these forms will be received by local, state, and federal government, where theyre currently printing them out and processing them by hand. Government desperately needs AI tools to deal with the huge increase thats coming down the line. And the benefit is that it will also make government much more cost-effective and responsive. Weve seen hints of this digital government in places like Estonia, but we need to spread it to the rest of the world. This kind of startup is not for the faint of heart. Selling to government is extremely hard, but once youve figured out how to land your first customer, they tend to be very sticky and can expand to huge contracts.

Modern Metal Mills#

By Zane Hengsperger

When people talk about reindustrializing America, they usually focus on labor costs or geopolitics. But a bigger problem is hiding in plain sight: American metal mills are slow by design. If you buy rolled aluminum or steel tube in the U.S., lead times of 8 to 30 weeks are normal. Most buyers cant even purchase directly from mills. And despite high prices, mills still operate on thin margins. Thats not because demand is weak or workers are unskilled—its because the systems running these mills were designed decades ago. Production planning, scheduling, quoting, and execution are fragmented. Mills optimize for tonnage and utilization, not speed, flexibility, or margin. Short runs and spec changes are treated as disruptions instead of opportunities. Automation has lagged at the exact moment the workforce is shrinking. Material handling, changeovers, inspection, and quality control still rely on tribal knowledge held by a few experienced operators. Automation is mostly used to push more tons through a slow system, not to eliminate setup time or variability. Energy is the other half of the problem. Aluminum and steel are extremely energy-intensive, yet most mills rely on legacy power contracts and inflexible grids. New energy models—on-site generation, smarter power management, even next-generation nuclear—could dramatically reduce costs, but theyre rarely designed into mills from the start. Whats changed is that software and energy technology are finally good enough to rethink the entire system. AI-driven planning, real-time MES, and modern automation can compress lead times and raise margins at the same time. We think this creates an opportunity to build modern, software-defined American mills—especially in aluminum rolling and steel tube—where long lead times and energy costs are most entrenched. Modernizing mills isnt just about going faster. Its about making domestic metal cheaper, more flexible, and more profitable—and rebuilding the industrial foundation of the U.S.

AI Guidance for Physical Work#

By David Lieb

You know that scene in The Matrix, where Neo plugs a cable into the back of his head and wakes up a while later and says I know Kung Fu? Physical work is about to get something similar – not through brain implants, but through real-time AI guidance. Much of the AI conversation focuses on which desk jobs will get replaced. But for physical work—stuff like field services, manufacturing, healthcare—AI cant yet act in the world. What it can do is see, reason, and guide the human who does. Imagine wearing a small camera while an AI sees what you see and talks you through the job: turn off that valve, use the ⅜ inch wrench, that part looks worn, replace it. Instead of needing months or years of training, workers can become effective immediately, with AI coaching them and accessing new skills when needed. Why now? Three things have converged. First, multimodal models can now see and reason about real-world situations reliably. Second, the hardware is already everywhere – phones, AirPods, Smart Glasses. And third, skilled labor shortages make this economically urgent and a high wage job for millions of people. There are a few approaches you could take. The most obvious is to build this system and sell it to companies with existing workforces. Or, you could pick a vertical, like HVAC repair or nursing, and build a full-stack superpowered workforce. Or, you could build a platform that lets anyone sign up and become a skilled worker or start their own business. If youre interested in giving physical workers the same type of AI superpowers that Claude Code gives you, wed love to see you apply.

Large Spatial Models#

By Ryan McLinko

Large language models have driven most of the recent breakthroughs in AI, but their impact has been constrained to domains that can be expressed primarily through language. Unlocking the next wave of AI capability, and enabling artificial general intelligence, will require models that are capable of spatial reasoning. Todays systems can handle limited spatial tasks, such as basic relationships or depth estimation, but they cannot robustly reason about spatial manipulation, 2D and 3D features, their relationships, or operations like mental rotation. This limits AIs ability to understand and interact with the physical world. There is an opportunity to build large-scale spatial reasoning models that treat geometry and physical structure as first-class primitives, not approximations layered on top of language. Such models would enable AI systems to reason about and design real-world objects and environments. A company that succeeds in building this capability could define the next AI foundation model, on the scale of OpenAI or Anthropic.

Infra for Government Fraud Hunters#

By Garry Tan

We want to fund startups that bring government fraud investigation into the modern era. Government is the biggest customer on earth—it spends trillions annually at the federal, state and local levels, and it hemorrhages a commensurate amount in fraud. Medicare alone loses tens of billions a year to improper payments. One of the most effective ways to claw this money back at scale is the qui tam provision under the False Claims Act. This lets private citizens file lawsuits on behalf of the government against companies defrauding it. If the case succeeds, these citizens get to keep a percentage of whatevers recovered. At the moment, this process is painfully slow: An insider tips off a law firm, and then the firm spends months or years manually pulling documents and building the case. This should be accelerated with software. Not dashboards, but intelligent systems that can take an insider tip and organize the evidence around it—parsing messy PDFs, tracing opaque corporate structures, and packaging the findings into complaint-ready files. Some startups are already filing FCA claims themselves, but we think theres a big opportunity to build tools that dramatically speed up whistleblower law firms, state AGs, and inspectors general. Founder profile matters here. Were looking for teams where at least one founder has actually done work like this, whether thats a former FCA counsel, compliance lead or auditor. Now is the time to build this: the AI capabilities are finally here, and theres bipartisan tailwind to act. If you can make fraud recovery 10x faster, youll build a huge business — and return billions to taxpayers.

Make LLMs Easy to Train#

By Gabriel Birnbaum

Training large language models is still surprisingly difficult. My co-founder Eric and I have spent the last three years training diffusion and language models at Can of Soup, and despite all the attention AI has received, the tooling has barely improved. On any given day we may spend significant time dealing with broken SDKs, SSHing into busted GPU instances (that you only find out are busted after spinning them up for half an hour), or discovering major bugs in open-source tooling. Not to mention the work of managing, sourcing, processing, and visualizing terabytes of data. Id love to use products that make LLM training easy. • APIs that abstract training. • Databases to easily manage very large datasets. • Dev environments built with ML research in mind. As post-training and model specialization become more important, I could see these products becoming the foundation of how software is built in the future.

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