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Chinese artificial intelligence startup DeepSeek is preparing a new fundraising round that could value the company at approximately 500 billion yuan ($74 billion) as it moves closer to a potential initial public offering (IPO) in mainland China, according to multiple sources familiar with the matter.
The Hangzhou-based AI company is reportedly seeking to raise up to 50 billion yuan in fresh capital, only weeks after securing around 7.4 billion yuan in June at a post-money valuation of roughly 450 billion yuan. Regulatory filings from two Chinese investors later suggested the company’s valuation stood at 350.88 billion yuan, or about $52 billion.
DeepSeek is also exploring a listing on Shanghai’s STAR Market, China’s technology-focused stock exchange. Sources said the company aims to complete its IPO filing before the end of the year, although discussions remain preliminary and the fundraising terms and timeline could still change.
The rapid fundraising plans reflect growing investor confidence in China’s AI sector while highlighting the escalating costs of developing advanced artificial intelligence. Building competitive AI models increasingly requires significant investment in computing infrastructure, data centers, semiconductor development, and engineering talent.
DeepSeek gained international attention in 2025 after launching AI models that competed with leading U.S. systems while reportedly requiring lower training and operating costs. Since completing its June financing round, the company has announced plans to significantly expand its workforce, particularly in AI agents and data center operations.
Reuters previously reported that DeepSeek has also begun developing its own AI inference chip and has accelerated hiring of chip design engineers, signaling a broader push to strengthen its technological capabilities.
Founder Liang Wenfeng initially financed DeepSeek through his quantitative hedge fund High-Flyer before accepting outside investment. Major backers now include Tencent Holdings, battery manufacturer CATL, China’s national AI fund, NetEase, JD.com, IDG Capital, Loyal Valley Capital, Monolith Management, and Shixiang Capital.
The participation of China’s state-backed AI fund underscores DeepSeek’s strategic role in Beijing’s efforts to build globally competitive domestic AI champions and reduce dependence on foreign technology, as competition intensifies with rivals including Alibaba, ByteDance, Z.ai, Moonshot, and MiniMax.
