DeepSeek restarts a $7 billion round at a $70 billion valuation — and preps a Shanghai IPO
DeepSeek has resumed its second funding round, targeting about 50 billion yuan ($7 billion) at a pre-money valuation of 500 billion yuan — roughly $70 billion — with agreements expected to be signed by late August, Chinese financial media report. The round had been paused partly over founder Liang Wenfeng's frustration at leaked comments from the first round, which closed in June at a valuation above 350 billion yuan. The company has also begun preparing a listing on Shanghai's STAR Market, with an internal goal of filing this year.
Why it mattersTogether with this week's warning that its rock-bottom API prices will rise 'substantially,' this completes the picture of DeepSeek turning from research lab into commercial giant: two rounds totaling 100 billion yuan in a single year, a valuation doubling in two months, and a state-backed fund as the only voting investor. How China's most-watched AI startup monetizes will shape open-model economics everywhere.
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