DeepSeek Said to Double Second-Round Funding Target to About 100 Billion Yuan on Steady $70B Valuation

Multiple people involved in the transaction told Chinese media that DeepSeek is close to finalizing its second funding round, with the target having doubled from an initial 50 billion yuan to roughly 100 billion yuan (about $14 billion) in under half a month, while its pre-money valuation reportedly holds steady at about 500 billion yuan (roughly $70 billion). New and existing shareholders are each expected to contribute about half, with new participants including Shixi Capital, SMIC Capital, CPE Source Peak, Legend Capital, and Geely — predominantly industrial investors. Analysts note that DeepSeek's estimated $1 billion annualized revenue implies roughly 70x ARR at that valuation, while over 70% of its compute remains allocated to training rather than inference. The round is widely read as preparation for a STAR Market IPO targeted for early 2027, with market chatter suggesting Century Huatong and Perfect World capital is flowing into DeepSeek via the Shixiang fund.