DeepSeek Nears $10 Billion Fundraise at $45 Billion Valuation, Led by China’s Big Fund

aiai-fundraisingworldchina 2 posts · 1 accounts

DeepSeek is closing its first external funding round, according to Caijing, with China’s Big Fund, the national semiconductor fund, leading a roughly $10 billion financing at a $45 billion pre-money valuation, up from $20 billion a month ago. Hillhouse Capital, Monolith and CATL are among investors in talks, while some prospective backers are using special-purpose vehicles to gain access; Alibaba has denied interest and Tencent’s status remains unclear.

The talks would mark the first investment by the Big Fund in a Chinese LLM company. The fund’s portfolio has been centered on semiconductor names such as SMIC and YMTC and chip-equipment holdings, suggesting Beijing may be treating frontier AI as a strategic sector alongside chip manufacturing.

From the sources (2 posts)

@poezhao0605

DeepSeek's first external fundraise is closing, according to Caijing, one of China's most authoritative business outlets. China's Big Fund (the national semiconductor fund) leads the round. Pre-money valuation reached $45 billion, up from $

@poezhao0605

DeepSeek's Big Fund talks are not a normal venture round. The Big Fund has never backed a Chinese LLM company. Its portfolio is SMIC, YMTC, chip equipment. If it leads this round, Beijing is placing frontier AI in the same category as chip

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