DeepSeek annualized revenue hits $1B as it finalizes $7.5B raise

DeepSeek's annualized revenue run rate has reached $1 billion, more than double the under-$500 million reported a few months ago, CEO Liang Wenfeng told investors. The startup is finalizing a 50 billion yuan ($7.5 billion) funding round at a 500 billion yuan valuation and preparing for a Shanghai Stock Exchange listing.

• DeepSeek's annualized revenue grew from under $500M to $1B
• The company is raising 50B yuan ($7.5B) at a 500B yuan valuation
• The round is expected to close by the end of October
• DeepSeek is preparing for a Shanghai Stock Exchange IPO