Would Wilhelm II build another High Seas Fleet?

If Germany avoided naval restrictions after the defeat, would the Kaiser try to build a second High Seas Fleet?

Germany would almost certainly face restrictions, but even without them political doubt about matching Britain would push the Kaiser toward cruisers and submarines rather than another equal battle fleet.

No realistic peace would allow Germany to rebuild freely after such a costly British naval victory. Those limits would deeply frustrate Wilhelm II but reflect a central British war aim in the counterfactual. Even with weak restrictions, German politicians would question whether another direct capital-ship race could ever defeat the Royal Navy. Cruisers and submarines offer less expensive ways to threaten trade and conduct a guerre de course. The postwar fleet would probably pursue an advanced commerce-war strategy instead of rebuilding the High Seas Fleet ship for ship. Defeat changes both the force Germany may possess and the political credibility of its old naval model.