Recently, Pharos reached a new round of financing agreement with Xiangxin New Energy, with Xiangxin investing $24.73 million at a $950 million valuation. The transaction involves complex earn-out structures tied to Pharos's token listing performance. Despite the strategic significance of the collaboration, the market has raised concerns about the high-risk nature of this investment and the rationality of the valuation. The true intentions of both parties may be to boost market capitalization through this deal, while leaving the risks to subsequent investors.