DeepSeek is in discussions to raise its first external financing round, with reports saying the company’s valuation is likely to be around $45 billion, and potentially higher. The Financial Times reports that China’s state-backed semiconductor investment vehicle, often referred to as the “Big Fund,” is leading talks with potential investors. Other investors reportedly involved in the discussions include Tencent, though sources say the final investor lineup has not been decided.
TechNode and Seeking Alpha, citing the Financial Times, similarly state that DeepSeek could be valued at about $45 billion in the first external round. Separately, the South China Morning Post reports that DeepSeek is expected to close the fundraising soon, with three people familiar with the matter saying the valuation could reach up to $50 billion. The South China Morning Post adds that the round is backed by state-linked investors, including affiliates related to China’s integrated circuit industry initiatives.
Across the reports, details on deal size, terms, and timing vary, but all describe early-stage or pending external fundraising led by a state-linked investor group, with valuation figures in the mid-$40 billion range.
