TLDR: Over the past 3 weeks, a Chinese lab (Zhipu) released a frontier model (GLM 5.2), a Japanese lab (Sakana AI) unveiled a potentially game-changing orchestration model (Fugu), Washington switched off America’s best one, SpaceX went public, and S-1s were filed by OpenAI and Anthropic for mega-IPOs planned in the fall. For two years, the closed labs survived two pressures by using one to escape the other: the price of inference from below and a copyable harness from the side. GLM-5.2 and Sakana’s Fugu have cut off both escape routes. As a result, the model layer has become a Red Queen’s race, the kind the biologist Leigh Van Valen named in 1973: you run flat out just to stay exactly where you are. No lead holds, because the lead is the thing that provokes the field to erase it. A race built this way has no winner. Which is what makes the three IPOs the most interesting test of the year. The market is being asked to price a finish line for a race tha…