ARK Invest 年度旗舰报告2026大创意报告 《Big Ideas 2026》

农ARKINVEST

BIGIDEAS2026

BIGIDEAS2026RESEARCHREPORTFORINFORMATIONALPURPOSESONLYARKInvestmentManagementLLC

Thisisnotarecommendationinrelationtoanynamedparticularsecurities/cryptocurrenciesandnowarrantyorguaranteeisprovided.Anyreferencestoparticularsecurities/cryptocurrenciesareforillustrativepurposesonly.ThereisnoassurancethattheAdviserwillmakeanyinvestmentswiththesameorsimilarcharacteristicsasanyinvestmentpresented.Thereadershouldnotassumethataninvestmentidentifiedwasorwillbeprofitable.PASTPERFORMANCEISNOTINDICATIVEOFFUTUREPERFORMANCE,FUTURERETURNSARENOTGUARANTEED.

2ARKBigIdeas2026

RisksOfInvesting

InInnovation

Pleasenote:CompaniesthatARKbelievesarecapitalizingondisruptiveinnovationanddevelopingtechnologiestodisplaceoldertechnologiesor

createnewmarketsmaynotinfactdoso.ARKaimstoeducateinvestorsandseekstosizethepotentialinvestmentopportunity,notingthatrisksanduncertaintiesmayimpactourprojectionsandresearchmodels.Investorsshouldusethecontentpresentedforinformationalpurposesonly,

andbeawareofmarketrisk,disruptiveinnovationrisk,regulatoryrisk,andrisksrelatedtocertaininnovationareas.

RISKOFINVESTINGININNOVATION

Pleasereadriskdisclosurecarefully.

RAPIDPACEOFCHANGE

EXPOSUREACROSSSECTORSANDMARKETCAP

UNCERTAINTYANDUNKNOWNS

DISRUPTIVEINNOVATION

REGULATORYHURDLES

POLITICALORLEGALPRESSURE

COMPETITIVELANDSCAPE

Aimforacross-sectorunderstandingoftechnologyandcombinetop-downandbottom-upresearch.

Aimtounderstandtheregulatory,market,sector,

andcompanyrisks.(SeeDisclosurePage)

Source:ARKInvestmentManagementLLC,2026.

3ARKBigIdeas2026

BigIdeas2026marksthe10thannualeditionofARKInvest’sflagship

researchreport,designedtoidentifyandcontextualizethetechnologies

reshapingtheglobaleconomy.Eachyear,wesiftthroughshort-termnoisetofindsignalandfocusonlong-terminnovationplatforms,asexponentialtechnologiesareconverging,marketsaretransforming,andentirelynew

opportunitiesareemerging.BigIdeasisnotaforecastofincrementalchange.Itisaframeworkforunderstandingstep-functionchangesingrowth.

Inthisyear’sreport,weexplore13BigIdeasspanningartificialintelligence,robotics,energy,blockchain,space,andbiology.Basedonourresearchinbothpublicandprivatemarkets,theseBigIdeasarecompoundingto

redefineproductivity,capitalallocation,andcompetitiveadvantageacrossindustries.Weexaminehowthesetechnologiesaremovingfrom

experimentationtoscale,andhowtheirconvergenceisacceleratingthepaceofchangefasterthanconsensusexpectations.

Foradecade,BigIdeashasservedasasignalforwhat’snext.BigIdeas

2026continuesthatmission,equippinginvestors,businesses,and

decision-makerswithaclearerviewofwhereinnovationisheadingbeforeitbecomesobvious.

Thefuturedoesn’tarriveallatonce.ThosewhorecognizeitearlyhavetheopportunitytoOwnWhat’sNext.

WelcometoARKInvest’sBigIdeas2026.

TheGreatAcceleration04

AIInfrastructure

19

TheAIConsumerOperatingSystem

25

AIProductivity

32

Bitcoin

38

TokenizedAssets

45

DecentralizedFinanceApplications

52

Multiomics

58

ReusableRockets

78

Robotics

83

DistributedEnergy

90

AutonomousVehicles

95

AutonomousLogistics101

4

ARKBigIdeas2026:

TheGreatAcceleration

TheGreat

Acceleration

AIIsTheCentralDynamo,

AcceleratingFiveMajorInnovationPlatformsAndIgnitingAnInflectionInMacroeconomicGrowth

BrettWinton

ChiefFuturist

5

ARKBigIdeas2026:TheGreatAcceleration

DigitalWalletsProgrammableBiology

TechnologicalConvergenceIsAccelerating

Fivemajorinnovationplatforms—AI,

PublicBlockchains,Robotics,Energy

Storage,andMultiomics—arebecomingincreasinglyinterdependentas

performanceadvancesinoneplatformunlocknewcapabilitiesinanother.

ReusableRocketssendingAutonomousMobilityAIchipstoorbitcouldbecomecriticaltoscalingtheNextGenCloud.

MultiomicsdatapermissionedonDigitalWalletscouldpowerNeuralNetworks

thatcatalyzethedevelopmentof

PrecisionTherapiestocurerarediseases.

Smart

Contracts

Multiomics

NeuralTechnology

IntelligentDevices

Networks

Crypto

currencies

PrecisionTherapies

NextGenCloud

HumanoidRobots

Distributed

Energy

Generation

AutonomousMobility

ReusableRockets

Advanced

BatterySped

Technology

Source:ARKInvestmentManagementLLC,2026.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

6

ARKBigIdeas2026:TheGreatAcceleration

0.4

0.35

0.3

0.25

0.2

0.15

0.1

0.05

0

RelativeImportanceAsATechnologicalCatalyst

u20232024u2025

AIEnergy

Storage

Public

Blockchains

RoboticsMultiomic

Sequencing

Disruptivetechnologiesareintermeshing.

ConvergenceNetworkStrength,ameasureofthedegreetowhichdisruptive

technologiesarecatalyzingandbeing

catalyzedbyeachother,increased35%in2025.

AIremainsthecriticalenablinginnovationplatform,theimportanceofroboticsasacatalystinflectedin2025.

Amongmajornewdevelopments:the

world’slargestrobots—reusablerockets—couldplayanextraordinaryroleinenablingAI;energystorageanddistributedenergy

systemshavebecomecriticalenablersof

nextgencloudbuild-outs;andsmart

contractsandstablecoinscouldsupportaglobaldigitalmonetaryecosystem,allowingAIagentstocoordinateanddirectreal-

worldresources.

TechnologyPlatformGrowthRatesAreAcceleratingAndCatalyzingOneAnother

40

35

30

25

20

15

10

5

0

ConvergenceNetworkStrength

(100PointScale)

+35%+20%

202320242025

Note:Networkstrengthmeasurestherealizedweightedstrengthofeachnetworkconnectioninrelationtothemaximumpossibleweightedstrengthinafullyconnectednetwork.Source:ARKInvestmentManagementLLC,2026,basedondatafromWinton2024.Inadditiontothatsource,certaininformationpresentedmaybetheresultofARK’sinternalanalyses,whichdrawonvariousadditionalsourcesofinformation.Forinformational

purposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

7

ARKBigIdeas2026:TheGreatAcceleration

ConvergenceShouldLeadToMajorIncreasesInDemand

Neuralnetworkdemandfornextgencloudcomputeisrunningintoearthlyscalingconstraints.Reusablerocketscouldcometotherescue.Ata

Upmassrequiredto

satisfy100GWofAI

compute

Additionalupmass

expectedtobuild

outtheStarlink

constellation

through2030

Totalcumulative

upmassbySpaceX

through2025

ReusableRocketDemand

TonsToOrbit

10000000

~60x

~11x

(LogScale)

1000000

100000

10000

1000

100

10

1

competitivecost,space-basedAIcomputecouldprovidethecloudwiththecomputationalpowerthatneuralnetworksneedforcontinuedgrowth.AIchipgrowthcouldincreasedemandforreusablerockets60xrelativetoourexistingmodel.

SpaceAIComputevsTerrestrialAICompute

($PerTokenRatio)

10,000

7,079

5,012

3,548

2,512

1,778

1,259

891

631

447

316

224

158

112

79

56

40

28

20

14

Terrestrial/SpaceRatio(LogScale)

5

Oncurrent

launchcosts,

spacecomputewouldbe30%morecostly

thanterrestrialcompute

Onprospectivelaunch

costs,spacebased

computecouldprove

25%lessexpensivethanterrestrialcompute

0.5

CostPerkgLaunch

(LogScale)

Note:ARKinternalanalysisonthisemergingopportunity.Source:ARKInvestmentManagementLLC,2026,basedondatafromSpaceX2025a,SpaceX2025b,Maguireetal.2025.Inadditiontothosesources,certaininformationpresentedmaybetheresultofARK’sinternalanalyses,whichdrawonvariousadditionalsourcesofinformation.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceora

recommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

8

ARKBigIdeas2026:TheGreatAcceleration

TheWorldIsEnteringAnUnprecedentedTechnologyInvestmentCycle

9%

8%

7%

6%

5%

4%

3%

2%

1%

0%

1852

1855

1858

1861

1864

1867

1870

1873

1876

1879

1882

1885

1888

1891

1894

1897

1900

1903

1906

1909

1912

1915

1918

1921

1924

1927

1930

1933

1936

1939

1942

1945

1948

1951

1954

1957

1960

1963

1966

1969

1972

1975

1978

1981

1984

1987

1990

1993

1996

1999

2002

2005

2008

2011

2014

2017

2020

2023

2026

2029

2030

Railroad

Cars

Software

ComputersAnd

ElectrificationSemiconductors

Comms.Equipment

Telephony

Ecommerce

SelectHistoricalTechnologicalInvestmentWaves

CapitalExpendituresAsPercentOfGDP

AISoftware

AIDataCenters

Space

Terrestrial

Robotaxis

Note:AllHistoricallinesareUSfixedassetannualgrossinvestmentaspercentofUSGDPandderivedfromtheNIPAtables.“Ecommerce”signifieswarehouseinvestments.DatacenterandRobotaxiarepercentofglobal

consensusglobalGDPderivedfromtheIMFasof12/31/2025.SpacedatacenteropportunityderivedfromSpaceXpublicstatements.HistoricalinvestmentcycleinvestmentdollarsaresourcedfromARKInvestment

ManagementLLC,2026,basedondatafromUlmer1960,InternationalMonetaryFund2025,andNationalBureauofEconomicResearch1958.Inadditiontothosesources,certaininformationpresentedmaybetheresultofARK’sinternalanalyses,whichdrawonvariousadditionalsourcesofinformation.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticular

security.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

9

ARKBigIdeas2026:TheGreatAcceleration

DisruptiveTechnologiesCanCatalyzeGrowthInMultipleWays

Accelerates

Capital

Formation

Frees

Human

Potential

ForMore

Productive

Use

DisruptiveTechnology

Transforms

Non-Market

ActivityInto

GDP

Increases

ReturnsOn

Deployed

Capital

Robotaxis

Automobile

Replacement

Cycle

8xIncrease

InMiles

Utilization

PerVehicle

Personal

ShiftFrom

Driving

ToPaid

Service

ShiftIn

Personal

DriveTime

ToWorkOr

Leisure

Source:ARKInvestmentManagementLLC,2026.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

10

ARKBigIdeas2026:TheGreatAcceleration

Currently,only$2,600ofthe~$68,000averagevalueof

homeupkeepflowsthroughtogrossdomesticproduct(GDP).

AsinglehouseholdhumanoidrobotcouldimpactGDPby

$62,000peryear.

Ahouseholdhumanoidrobotineachofthe90millionUSowneroccupiedhomescouldincreaseGDPbynearly$6

trillion,or20%.

Ifhumanoidswereto

penetrate80%ofUS

householdsoverfiveyears,

GDPgrowthcouldacceleratefrom2-3%peryearto5-6%peryear.

EachDisruptiveTechnologyCouldGenerateProfoundMacroeconomicResults,HumanoidRobotsInTheHome,AGoodCaseInPoint

$120,000

$100,000

$80,000

$60,000

$40,000

$20,000

$-

ImpactOfHomeUpkeepOnGDPPerYear

Notincluded$65,000

Included$2,600

PaidHousehold

MaintenanceAndCare

ImputedLaborCostOfMaintenanceAndCarePerformedByOwners

$120,000

$100,000

$80,000

$60,000

$40,000

$20,000

$-

Amortized1

YearCapital

ExpenseOf

ARobot

Robot

OperatingCostDisplacingPaid

Services

ConsumerSurplus

Homeowner

TimeFreed,

HalfOfWhich

DevotedTo

PaidLabor

ImpactOfASingleHouseholdHumanoidRobotOnGDPPerYear

Surplus

Included$62,000

Betterhouseholdservice

Imputedvalueleisurehours

$7,100

$31,000

$3,600

$20,000

Robot

OperatingCost

OnWork

OtherwiseLeft

Undone

Note:Thechartcalculationsassumethatconsumersarewillingtopayforadurablegoodata25%discountrateandvaluetheirunpaidtimeathalftheaveragewagerate.“Homeupkeep”focusesonthelaborportionofhomeupkeep.ARKInvestmentManagementLLC,2026,basedondatafromU.S.BureauofLaborStatistics.2025c,U.S.BureauofLaborStatistics.2025d,Tesla2025.Inadditiontothosesources,certaininformationpresentedmaybetheresultofARK’sinternalanalyses,whichdrawonvariousadditionalsourcesofinformation.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

11

ARKBigIdeas2026:TheGreatAcceleration

ThisTechnologicalRevolutionShouldLeadToAnotherStepChangeInRealGDPGrowth

Historically,technologyparadigmshiftshaveledtostructuralchangesinGDPgrowth.

Capitalinvestmentalone,catalyzedbydisruptiveinnovationplatforms,couldadd1.9percentage

pointstoannualizedrealGDPgrowththisdecade.

Thenewcapitalbase—robotaxis,nextgendata

centers,andenterpriseinvestmentsinAIagents—shouldboostreturnsoninvestedcapital.Realizedrealgrowthcouldexceedconsensusexpectations

bymorethan4percentagepointsperyearasotherinnovationsbegintoimpactthegrowthtrajectory.

Eachinnovationplatform—AI,PublicBlockchains,Robotics,EnergyStorage,andMultiomics—shouldprovideastructuralboosttoglobalgrowth.

GlobalRealGDPGrowth

100.0%

10.0%

2030

ARKForecast7.3%

IMFForecast3.1%

3%

LogScale

1.0%

0.6%0.3%

0.14%

0.1%

.037%

1

1000

1500

1900

2025

0.0%

BC

100,000

LogYearsUntil2030

Source:ARKInvestmentManagementLLC,2026,basedondatafromDeLong1998,OpenPhilanthropy2025,andMaddison2007.Inadditiontothosesources,certaininformationpresentedmaybetheresultofARK’sinternalanalyses,whichdrawonvariousadditionalsourcesofinformation.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

12

ARKBigIdeas2026:TheGreatAcceleration

ProjectedProgressInQuantumComputing

DistanceFromCrackingRSA2048

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

204420542063

StatusQuoCase

Doubling

qubitcountanderror

reductionsevery4

years

Currentrateof

progress(Google):

doublingqubitsand

reducingerrorrateby40%every4years

SomeInterestingTechnologiesLikeQuantumComputingAreUnlikelyToBeDisruptiveFor20To40Years

AggressiveCase

Moore’sLaw

doublinginqubitcountanderrorratereduction

every2years

Acceleration

Case

Doubling

qubitcountanderror

reductionsevery3

years

Adisruptivetechnologyrequiresasteepcost

declinecrossingkeyprice-pointsthatopen

compellinguniteconomicsacrossmultiple

sectorsandservesasaplatformforadditionaltechnologicalinnovation.

Quantumcomputing’sperformance

improvementcurvehasbeenslow.Despite

spendingbillionsinresearchanddevelopment(R&D),Googledoubledqubitsonlyonceinmorethanfouryears.Evenifitsperformanceand

costsweretoimprovemarkedly,achieving

2020

2027

2034

2041

2048

2055

2062

Moore’sLaw’space,quantumcomputingwouldnotbeusefulforcryptographicdecryptionuntilthe2040s.

Note:A“qubit”(quantumbit)isthefundamentalunitofinformationinaquantumcomputer.Moore’sLawistheempiricalobservationthatthenumberoftransistorsonanintegratedcircuitdoublesapproximatelyevery

twoyears.Source:ARKInvestmentManagementLLC,2026,basedondatafromAruteetal.2019,Gambette2023,Quantinuum2024,andNeven2024.Inadditiontothosesources,certaininformationpresentedmaybetheresultofARK’sinternalanalyses,whichdrawonvariousadditionalsourcesofinformation.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

13

ARKBigIdeas2026:TheGreatAcceleration

DisruptiveTechnologiesCouldGrowToDominateGlobalMarkets

70%

60%

50%

40%

30%

20%

10%

0%

InnovationShare

OfGlobalEquityMarketCapitalization

(Percent)

1870

Railroad

ShareOfUSEquityMarket

Crypto

VentureUnicorns

PublicInnovation

2000200520102015202020252030E

250

2010

6.9%

6.2%

-2.7%

2025

6.4%

4.3%

20.0%

2015

2.5%

4.5%

-0.5%

2020

2.6%

7.8%

18.0%

2005

7.0%

11.0%

3.6%

2030E

5-YearAnnualGrowthRates

9%

-4%

35%

NominalGDP($Trillions,Nominal)

300

InnovationMarketCap

Non-InnovationMarketCap

200

150

100

50

0

2000

NominalGDP

Non-Innovation

Innovation

Note:Innovationmarketcapincludesnon-stablecoincryptoassets.Pre-2015innovationmarketcapistechsectorshareofglobalmarkets.Source:ARKInvestmentManagementLLC,2026,basedondatafromInternationalMonetaryFund2025,Crunchbase2026,WorldFederationofExchanges2026,andBureauofLaborStatistics2026,andMSCIInc.2026.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

14ARKBigIdeas2026:TheGreatAcceleration

ArtificialIntelligence

Computationalsystemsandsoftwarethatevolvewithdata

cansolveintractableproblems,automateknowledgework,

andacceleratetechnology'sintegrationintoeveryeconomic

sector.TheadoptionofNeuralNetworksshouldprovemoremomentousthanelectrificationandpotentiallycreatetensoftrillionsofdollarsofvalue.Atscale,thesesystemswill

requireunprecedentedcomputationalresources,andAI-

specificcomputehardwareshoulddominatetheNextGen

ClouddatacentersthattrainandoperateAImodels.The

potentialforend-usersisclear:aconstellationofAI-driven

IntelligentDevicesthatpermeatepeople'slives,changingthewaythattheyspend,work,andplay.Theadoptionofartificialintelligenceshouldtransformeverysector,impactevery

business,andcatalyzeeveryinnovationplatform.

Source:ARKInvestmentManagementLLC,2026.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

Source:ARKInvestmentManagementLLC,2026.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

15

ARKBigIdeas2026:TheGreatAcceleration

EnergyStorage

ThedecliningcostsofAdvancedBatteryTechnologyshouldcauseanexplosioninformfactors,enablingAutonomous

Mobilitysystemsthatcollapsethecostoftransportation.

Electricdrivetraincostdeclinesshouldunlockmicro-mobilityandaerialsystems,includingflyingtaxis,enablingbusiness

modelsthattransformcities.Autonomyshouldreducethecostoftaxi,delivery,andsurveillancebyanorderof

magnitude,enablingfrictionlesstransportthatwillincreasethevelocityofe-commerceandmakeindividualcar

ownershiptheexceptionratherthantherule.These

innovationscombinedwithlarge-scalestationarybatteriesandDistributedEnergyGeneration,notablysolarandsmall-scalefission,shouldaddresssurgingpowerdemandfromAIdatacenterswhilesubstitutingelectricityforliquidfuelandincreasingsystem-wideresilience,reliability,andflexibility.

16ARKBigIdeas2026:TheGreatAcceleration

Multiomics

Thecosttogather,sequence,andunderstanddigitalbiological

dataisfallingprecipitously.MultiomicsTechnologiesprovide

researchscientists,therapeuticorganizations,andhealth

platformswithunprecedentedaccesstoDNA,RNA,protein,anddigitalhealthdata.Cancercareshouldtransformwithpan-

cancerbloodtests,andmoleculardiagnosticsshouldbeginto

identifyandcategorizeapanoplyofdiseases.Fedbyrich

multiomicsdataandpoweredbyProgrammableBiology,AI

systemsrunningautonomouslabscouldcollapsethecostof

drugdiscovery,development,andtrials,transformingreturnsinasectorthathasstagnated.BiologicaldiscoveriesshouldpowernovelPrecisionTherapiesthattargetandcurerarediseasesandchronicconditions,unlockingprofoundeconomics.Overtime,

thedesignandsynthesisofnovelbiologicalconstructswillyieldadvancesinagriculture,materialscience,andevencomputation.

Source:ARKInvestmentManagementLLC,2026.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

Source:ARKInvestmentManagementLLC,2026.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

17

ARKBigIdeas2026:TheGreatAcceleration

PublicBlockchains

Uponlarge-scaleadoption,allmoneyandcontracts

couldmigrateontoPublicBlockchainsthatenableandverifydigitalscarcityandproofofownership.The

financialecosystemislikelytoreconfigureto

accommodatetheriseofCryptocurrencies—includingstablecoinsthatbridgetraditionalfinanceand

decentralizednetworks—andSmartContracts.These

technologiesshouldincreasetransparency,reducetheinfluenceofcapitalandregulatorycontrols,and

collapsethecostsofcontractexecution.Insucha

world,DigitalWalletswillbecomeincreasingly

necessaryasmoreassetsbecomemoney-likeand

corporationsandconsumersadapttothenewfinancialinfrastructure.AsthesewalletsevolveintoAI-driven

purchasingagents,theycouldbecomepowerful

distributionplatformsfordigitalservices.Corporatestructurescouldbecalledintoquestion.

18ARKBigIdeas2026:TheGreatAcceleration

Robotics

Catalyzedbyartificialintelligence,HumanoidRobotsshould

operatealongsidehumansandnavigatelegacyinfrastructure,

changingthewayproductsaremadeandsold,andeventually

thewayweliveourlives.SpecializedRobots—fromindustrial

armstosurgicalandwarehousesystems—shouldproliferateas

AIcollapsesthecostofintegration,embeddingautomationintoeveryoperationalprocessacrossmanufacturing,logistics,

healthcare,andthephysicalworld.Meanwhile,ReusableRocketsshouldcontinuetoreducethecostoflaunchingsatellite

constellations,enableuninterruptibleconnectivityandearthobservation,andopenthefrontierforspace-basedcomputeinfrastructureunconstrainedbyterrestrialpowerandcoolinglimitations.Anascentinnovationplatform,roboticscould

collapsethecostoftransportingacrossdistancewith

hypersonictravel,thecostofmanufacturingcomplexitywithspecializedsystems,andthecostofphysicalworkwithAI-guidedhumanoidrobots.

Source:ARKInvestmentManagementLLC,2026.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

19

ARKBigIdeas2026:

AIInfrastructure

AI

Infrastructure

DefiningTheNextGenerationOfTheCloud

FrankDowning

DirectorofResearch,AI&Cloud

JozefSoja

ResearchAnalyst,AI&Cloud

20

ARKBigIdeas2026:AIInfrastructure

DemandForAIIsGrowingRapidlyAsInferenceCostsCollapse

Billions

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

TokensInferencedOnOpenRouter

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Bysomemeasures,inferencecostshavedroppedmorethan99%inthepastyear.AsAI-nativeapplicationsproliferate,costdeclinesaredrivingexplosivegrowthinthenumberoftokensinferencedbydevelopers,enterprises,andconsumers.DemandforcomputeonOpenRouter,aunifiedapplicationprogramminginterface(API)foraccessinglargelanguagemodels(LLMs),hasincreased25-foldsinceDecember2024.

Price(USDPerMillionTokens)

$100

$10

$1

$0

InferenceCostsForFixedPerformance

ModelsWithanIntelligenceIndexAbove40

o1-preview($28.90permillion)

o1

DeepSeekR1

(Jan'25)

o3-mini

Gemini2.5

gpt-oss-20B

(low)($0.10per

million)

Flash-Lite

(Reasoning)

Grok3mini

Reasoning

(high)

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Source:ARKInvestmentManagementLLC,2026,basedondatafromArtificialAnalysis2025aandOpenRouter2026asofJanuary13,2026.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

21

ARKBigIdeas2026:AIInfrastructure

SinceTheChatGPTMoment,DataCenterSystemsGrowthHasAcceleratedFrom5%To29%AtAnAnnualRateSince

In2025,at~$500billion,annualinvestmentindatacentersystemswasnearly2.5xtheaveragefrom2012through2023.Accordingtoourresearch,thiscategoryofinvestmentwillcontinuetoinflectandcouldtripleto~$1.4trillionin2030.

InvestmentInDataCenterSystems

$60