Liang Wenfeng

A reported RMB 50B ($7.1B) round would value DeepSeek at RMB 500B ($71B), with closing targeted by end of October. Founder Liang Wenfeng told investors annualized revenue has reached $1B, more than double from under $500M a few months ago. The new investors were not named; in June the company raised about RMB 50B at a post-money valuation near RMB 400B ($57B), with Liang contributing RMB 20B, Tencent RMB 10B, and CATL RMB 5B. Shanghai STAR Market IPO preparations are also progressing.