What is the Glacier 1212 Festival?

Its full name is the “2026 Glacier Double12 Hard-Tech Innovation Festival”, or “Glacier 1212 Festival” for short. It is the annual innovation festival of the primary market. KANGPENG CAPITAL is the title sponsor, not the organiser. The world has many trade shows, but only one CES; there will be many innovation festivals on 12.12, and Glacier's aims to be a CES for hard tech: an expo built for real ROI.

At 12:12 Beijing time on 12 December 2026. This edition runs on Glacier Fiscal Year III: it starts on 7 October 2026, closes on 12 December and ends on 30 January 2027.

Which groups are there?

Five groups, 16 projects in all. The AI4S Group brings together eight projects that also stay in their home groups. The four home groups, in order of entry, are the INFRA Group, the Shangliangnao Group (space, quantum, fusion and BCI), the AI Foundation Models Group and the Physical AI & Intelligent Manufacturing Group.

Where do I read it, and how do I get in touch?

The main page is grandecygne.com/20261212 (Chinese edition: glacier.mba/20261212). Use the Green Lane on this page to add a partner on WeChat, and include “1212 + your name + your organisation”.

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2026

Glacier Double12 Hard-Tech Innovation Festival (short name: “Glacier 1212 Festival”)

Glacier 1212
Innovation Festival

The annual innovation festival of the primary market

Glacier doesn't compete. Glacier hosts.

Glacier is a fact, not just a company. The joy of innovation comes from sharing it together.
庚辛，是事实，不只是公司。科创的快乐，来自大家一起分享交流。

The world has many trade shows, but only one CES. There will be many innovation festivals on 12.12, and Glacier’s aims to be a CES for hard tech: an expo built for real results.
世界上有很多展会，但只有一个 CES。12.12 会有很多科创节，庚辛的科创节想做成科创版的 CES：一场讲实效的展会。

Glacier mottos

Rise with the nation's momentum. Share the nation's dream.
Squeeze out the bubble. Select for certainty. Embrace the new paradigm.
Every task on a list. Every loop closed. A named lead for every team. Performance judged on the front line.
Right heart, right mind. Blessings follow.
Care, patience, love, unity, tolerance.
Eat what you hunt.
The long war cannot be rushed. The decisive war cannot be delayed.
Stay grounded. Stay human. Stay humble.
Take charge of your own fate. Push the limits of growth.
The world is the totality of facts, not of things. — Wittgenstein
We supply the ammunition. Investors pull the trigger themselves.
Lead by example. Create for others.
Train the sword with full focus. Nothing beats speed.

Opens in 12.12 · 12:12 Beijing time

12 Dec 2026 · 12:12 · Beijing time · 1212 Closing Day

The Five Groups Programme

Leonardo da Vinci, Mona Lisa · Musée du Louvre

Lighting

White light in, four layers of value out

We open not with a flame but with light. The Glacier Prism: white light in, four layers of value out, realised along time.

For innovation · A language of capital
For companies · Real value made legible
For founders · Founders do only three things
For industry · Order brought to the market

Incoming white light: technology · product · industry · capital · time, organised into an executable transaction system. The prism is the GLACIER ORCHESTRATOR, Glacier's orchestrator for the Physical AI era. The spectrum runs from cool blue to warm gold, split into four layers of value: for innovation, for companies, for founders and for industry.

The Five Groups

In order of entry

16Five groups · projects in total

All companies are anonymised; the pictures are each group's theme image. What we paint is the standard, not the target. Nothing here is a recommendation or a solicitation.

Programme

Glacier Fiscal Year III, 2026 (7 Oct 2026 – 30 Jan 2027)

Glacier runs on its own fiscal calendar: Fiscal Year I, 20 Feb – 30 Apr 2026; Fiscal Year II, 6 May – 22 Sep 2026; Fiscal Year III, 7 Oct 2026 – 30 Jan 2027. This season lasts four months. It starts on 7 October, closes on 12 December (the home-ground day of this edition) and ends on 30 January 2027.

10.7
Start
Start of Glacier Fiscal Year III; last day of the National Day holiday
10.8
Joint release of the five groups
The Pyramid Institute × ITjuzi Primary Market Sci-Tech Annual Report goes live
12.12
Closing · Opening
12:12 Beijing time; no transaction-value target
12.25
Christmas
Closing on 12.12 · into Christmas
1.1
New Year's Day
The first day of 2027
1.30
Finale
End of Glacier Fiscal Year III

October 2026FY III · month 1

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November 2026FY III · month 2

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December 2026FY III · month 3

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January 2027FY III · month 4

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Weeks start on Monday. Public holidays follow the General Office of the State Council's notice on the 2026 holiday arrangements; the 2027 arrangements have not been published, so only New Year's Day is marked. Source: appendix to the Pyramid Institute × ITjuzi Primary Market Sci-Tech Annual Report.

Rules

The organisers keep the rules first

The organisers' commitments, written down before the opening.

01
No transaction-value target
Transaction value and project count are two different constraints.
02
A strict limit on new projects
Glacier strictly limits the number of new projects it takes on, to protect service quality.
03
Four yardsticks for our work
We assess our work by post-investment satisfaction, founder satisfaction, project returns and the extent of our own capital commitment.
04
Everyone owns quality engineering
Quality is the standard by which we judge and position ourselves. Whether we exceed expectations matters.

Closing Ceremony

12.12

12:12 · Closing Ceremony

Deliver fast, choose slowly. Turn non-consensus into the next round's consensus.

12.12 · 12:12 Beijing time

Glacier 1212 Festival · 2026

Glacier 1212grandecygne.com/20261212… days … hrs to go

Donald Trump and Elon Musk holding the National Medal of Science; still from the official White House award video, 8 October 2026

SCIENCE: A NEW GOLDEN AGE

Turning science fiction into reality

In one field after another, his genius and determination have made science fiction into reality.
Donald Trump · 8 October 2026
Remarks at the “Science: A New Golden Age” summit, on Elon Musk

Transcript and video White House release Image source

ITjuzi × Pyramid Institute · joint release

Back to Work

Marking day one of Glacier Fiscal Year III (7 Oct 2026 – 30 Jan 2027)

93.7% of VCs are back at work · 2,338 responses

Glacier 1212 · joint release of the five groups · AI FOR SCIENCE

AI4S Group

8 projects · each also stays in its home group · Closing 12.12

Simulated brainsQuantumLaunch & power

Glacier 1212 · joint release of the five groups · AI INFRA

INFRA Group

3 projects · Closing 12.12 · into Christmas

Agent cloudAIDC powerDPU

Glacier 1212 · joint release of the five groups · FRONTIER TECH

Shangliangnao Group

4 projects · Closing 12.12 · into Christmas

Reusable rocketSatellite networkQuantum computingBrain-computer interface

Glacier 1212 · joint release of the five groups · FOUNDATION MODELS

AI Foundation Models Group

2 projects · Closing 12.12 · into Christmas

AI gamingFoundation-model fusion

Glacier 1212 · joint release of the five groups · PHYSICAL AI

Physical AI & Intelligent Manufacturing Group

7 projects · Closing 12.12 · into Christmas

Yard robotService robotHome embodied robotEmbodied brainDexterous manipulationEmbodied data & computeSmart RV

KANGPENG CAPITAL · G CLUB · October 2026

2026 Glacier Double12 Hard-Tech Innovation Festival

Select rigorously for certainty. Embrace the new paradigm.
Each group can be shared on its own, or read as one collection.

Joint release of the five groups · live together on 8 Oct 2026

AI4S Group × INFRA Group × Shangliangnao Group × AI Foundation Models Group × Physical AI & Intelligent Manufacturing Group

The fields we watch · 16 projects in all

AI4S Group8 projects · each also stays in its home groupSimulated brainsQuantumLaunch & powerINFRA Group3 projectsAgent cloudAIDC powerDPUShangliangnao Group4 projectsReusable rocketSatellite networkQuantum computingBrain-computer interfaceAI Foundation Models Group2 projectsAI gamingFoundation-model fusionPhysical AI & Intelligent Manufacturing Group7 projectsYard robotService robotHome embodied robotEmbodied brainDexterous manipulationEmbodied data & computeSmart RV

Glacier Double12 Hard-Tech Innovation Festival

Quality Engineering

1212 sets no transaction-value target. Glacier strictly limits the number of new projects it takes on, to protect service quality. Transaction value and project count are two different constraints. We assess our work by post-investment satisfaction, founder satisfaction, project returns and the extent of our own capital commitment. Quality is the standard by which we judge and position ourselves, and whether we exceed expectations matters. Everyone owns quality engineering.

KEYS is the capital-market parallel computing platform and programming model from the Pyramid Institute. Defined by the whole Glacier team and continually upgraded, it organises price bands, transaction structures, timing and the Golden Window into relationships that can be executed and tested. We hope it will become the CUDA of capital markets.

Nurturing all things, bringing goodwill across the seas.

Glacier 1212 Festival · FAQ

About the festival

What is the Glacier 1212 Festival?
Its full name is the “2026 Glacier Double12 Hard-Tech Innovation Festival”, or “Glacier 1212 Festival” for short. It is the annual innovation festival of the primary market. KANGPENG CAPITAL is the title sponsor, not the organiser. The world has many trade shows, but only one CES; there will be many innovation festivals on 12.12, and Glacier's aims to be a CES for hard tech: an expo built for real ROI.
When is the closing?
At 12:12 Beijing time on 12 December 2026. This edition runs on Glacier Fiscal Year III: it starts on 7 October 2026, closes on 12 December and ends on 30 January 2027.
Which groups are there?
Five groups, 16 projects in all. The AI4S Group brings together eight projects that also stay in their home groups. The four home groups, in order of entry, are the INFRA Group, the Shangliangnao Group (space, quantum, fusion and BCI), the AI Foundation Models Group and the Physical AI & Intelligent Manufacturing Group.
AI4S Group　INFRA Group　Shangliangnao Group　AI Foundation Models Group　Physical AI & Intelligent Manufacturing Group　All Five Groups
Does the festival set a transaction-value target?
No. Glacier strictly limits the number of new projects it takes on, to protect service quality.
Are the project cards on this page a pitch?
No. All companies are anonymised. What we paint is the standard, not the target. Nothing here is a recommendation or a solicitation.
Where do I read it, and how do I get in touch?
The main page is grandecygne.com/20261212 (Chinese edition: glacier.mba/20261212). Use the Green Lane on this page to add a partner on WeChat, and include “1212 + your name + your organisation”.

Glacier Double12 Hard-Tech Innovation Festival · GLACIER 1212

AI FOR SCIENCE · SIMULATION, SCIENCE & INFRA

AI4S Group

AI for Science: from simulated brains and simulated worlds to quantum, launch capacity and power.

AI INFRA · COMPUTE, POWER & OPTICS

INFRA Group

From agent cloud and AIDC power to data processing units (DPUs).

SPACE, QUANTUM & BCI

Shangliangnao Group

From reusable heavy rockets and satellite communication-and-computing networks to quantum computing and non-invasive brain-computer interfaces.

AI · FOUNDATION MODELS

AI Foundation Models Group

From end-to-end game generation to foundation-model fusion.

PHYSICAL AI · EMBODIED INTELLIGENCE

Physical AI & Intelligent Manufacturing Group

Embodied brains, sensing and data, linking home, commercial and yard robots; and electric smart RVs opening up outdoor living worldwide.

Innovation, full speed ahead 🚀
Every shot finds its mark

Until Closing Day, 12 Dec 202665 days

KANGPENG CAPITAL · Our judgment and our choices

Empty cup · Good assets · Zero bubble

The north slope is hard to climb, and it is never congested. The moat of a hard-tech company grows in its labs and on its production lines, not in its pitch deck. The hotter the market runs, the harder one must look for the scarcest underlying assets, and the cooler one's head must stay.

How we read the market

Less water, slower, more selective. But it has not stopped.Funding leans more on state and industrial capital, and processes take longer. Market-driven capital is more cautious and is converging on a few high-certainty projects.
Two ends.Deals cluster at the earliest round and the most certain round. The rounds in between test real progress.
Time to hand in the homework.Companies that raised their last round on a story must now answer with technology and commercial traction. Milestones decide the next round.
Pricing is returning to reason.Valuation jumps are no longer accepted. A moderate step-up each round is what goes the distance.
The 14th Five-Year Plan's dividend came from electricity; the 15th's will come from intelligence.Models are in the light; power is in the shadows. AI and energy are one and the same wave.

How we choose

First in its niche, or the Chinese team closest to the global leaders — or a different paradigm altogether.
An industrial anchor: industrial capital, upstream or downstream partners, real orders or real capacity.
Verifiable milestones, trackable cadence. We only write down what has already happened.
The numbers add up: revenue decides value; gross margin decides how good the technology is.
A number one who can turn technology into a product customers pay for — engineer, product person or scientist, any of them will do.
Invest only when we see clearly: if we cannot see it, we pass; if we see it and the price is wrong, we also pass.
Skin in the game: we test our judgment with our own money first, with due diligence before that.