DeepSeek nears pre-IPO funding round as 2027 market debut takes shape sources

Hangzhou-based artificial intelligence start-up DeepSeek is nearing a funding round valuing the company at about 500 billion yuan (US$74 billion) before investment, according to people familiar with the matter. The company was seeking to raise about 50 billion yuan, with the round expected to close before the end of August, one source said. The financing would establish a significant private-market valuation reference as DeepSeek moves closer to a potential public listing. Investors included participants from the company’s previous fundraising round, including local venture funds Monolith and Shixiang Capital, as well as Chinese battery giant Contemporary Amperex Technology Limited (CATL), another source said. Potential new investors included CPE, Legend Capital and Stony Creek Capital, a semiconductor-focused private-equity firm historically linked to Zhu Yiming. Zhu is chairman of chip giant ChangXin Memory Technologies and founder of memory-chip designer GigaDevice. Funds backed by GigaDevice and Hefei state investment vehicles were also involved, according to the sources. The sources requested anonymity because they were discussing private information. The latest financing comes as DeepSeek prepares for a potential initial public offering on Shanghai’s Nasdaq-like Star Market. The company could file for an IPO as early as the end of 2026 and is targeting a public-market debut in 2027, two sources said. For investors, the proposed round signals strong backing from venture, technology and state-linked capital, while offering a benchmark for DeepSeek’s valuation ahead of any listing. However, neither the financing nor the IPO had been completed when the information was reported on 26 August 2026. The prospective listing therefore remains subject to execution, regulatory requirements and market conditions.