DeepSeek closes $15B round, eyes STAR Market IPO

DeepSeek raised about 100 billion yuan ($15 billion), the largest single AI round in Chinese history, with Tencent and CATL as top backers. Investors had to specify data and business synergies to get allocations. CITIC Securities is advising on a STAR Market IPO that could come as early as next year.

• Round grew from 50 to ~100 billion yuan, negotiated July through October
• Pre-round valuation near $74B against ~$1B annualized revenue
• Backers include Tencent, CATL, Geely, Lenovo and SMIC-linked funds
• Former Hillhouse partner Yan Wentao appointed CFO in September