光源资本创始人郑烜乐在2026世界机器人大会上发表观点称，具身智能赛道最终存活的公司不会超过十家1。他指出，物理AI的市场空间远大于数字AI，但这一领域正在经历行业洗牌1。
郑烜乐指出，具身智能赛道融资态势从2025年的广泛融资转向2026年的精挑细选1。全球具身智能赛道上半年融资总额约1325亿元，已超越2025年全年水平1。但随后融资增速放缓，2026年7月出现环比下滑，8月下滑幅度进一步扩大至18.94%1。他强调，企业需要跨越复利拐点才能在竞争中存活下来1。
光源资本已在包括具身智能在内的早期AI+项目中投资了45家公司1。2025年年初，郑烜乐牵头成立了L2F光源创业者基金，专注于AI及未来科技产业的早期投资1。
Zheng Xuanle, founder of Lightspeed Capital, presented a stark forecast at the 2026 World Robot Conference, arguing that while the physical AI market dwarfs the digital AI sector, only a handful of companies will ultimately survive the industry's consolidation phase.1 The physical AI market is estimated to be ten times larger than the digital AI market dominated by large language models, yet Zheng projected that no more than ten embodied AI companies will remain viable.1
The embodied AI sector is undergoing a significant transition from the widespread fundraising of 2025 to a more selective investment approach in 2026, signaling the beginning of an industry shakeout that will determine which enterprises can cross the profitability inflection point.1 Embodied AI financing for the first half of 2026 reached approximately 132.5 billion yuan, surpassing the entire 2025 full-year total.1 However, momentum has begun to wane, with July 2026 embodied AI financing showing sequential decline, followed by an accelerated drop of 18.94 percent in August.1
Lightspeed Capital has invested in 45 early-stage AI and future technology projects, including embodied intelligence ventures.1 The firm's commitment to the sector was underscored in early 2025 when Zheng spearheaded the establishment of the L2F Lightspeed Entrepreneurs Fund, dedicated to early-stage investments in AI and advanced technology industries.1
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