Recent operating data from multiple companies indicate that the MaaS pathway to commercializing foundation models has now been validated. Anthropic achieved quarterly operating profitability for the first time, and DeepSeek's inference services show high gross margins. The domestic MaaS market is growing rapidly, with China's public cloud MaaS market revenue exceeding 10 billion yuan in the first half of 2026. Participants are no longer limited to cloud vendors; companies developing their own models have also entered directly, and different model vendors and cloud service providers have explored differentiated paths. MaaS is driving a shift in the traditional logic of cloud computing, with procurement shifting from computing power to deployable intelligent service capabilities. Currently, MaaS continues to expand its growth space, extending toward Agent services that undertake complete tasks and multi-entry end-to-end products, while model commercial licensing rules are gradually being refined. The industry has moved beyond the stage of validating business models into a development stage of real competition and sustainable operations.