DeepSeek Quietly Restarts Funding at $69B Valuation After Brief Pause
Multiple sources familiar with the matter report that DeepSeek, a leading Chinese large language model company, has restarted its second major funding round in early August. The round aims to raise approximately $6.9 billion (¥50 billion) at a pre-money valuation of around $69 billion (¥500 billion), with signing expected by late August.
A Round Marked by Sudden Shifts
The fundraising process has seen unexpected turns. The round initially launched in mid-July, drawing strong interest from top-tier investors. However, by late July, the process was abruptly paused. Several investors on the shortlist were informed that plans to sign funding agreements were being delayed.
The pause has been linked to founder Liang Wenfeng’s reported dissatisfaction with details from an investor meeting that circulated online. The leaked content, described as a “meeting transcript,” is said to have influenced the decision to temporarily halt the round.
Stealth Mode On for Restart
Since the restart in early August, both DeepSeek and participating investors have aimed to proceed with discretion, seeking to avoid public attention and manage the process privately.
Yet not all previously engaged parties appear to be in the loop. Some investment firms that were actively involved earlier told media they have not yet received formal notification of the restart, and their channels of communication remain paused or unclear. This discrepancy highlights the cautious and possibly selective nature of the renewed fundraising effort.
The $69B Valuation Question
In a climate where AI investment enthusiasm has moderated somewhat, DeepSeek’s $69 billion pre-money valuation stands out. It signals strong market confidence in the company’s technology and trajectory, while also testing investors’ appetite for high-valuation bets in the current economic environment.
Whether the round closes as planned in late August, and which institutions ultimately participate, are now key questions occupying the venture and tech investment community.