China’s DeepSeek to raise fresh capital at $74 billion valuation ahead of onshore IPO

Chinese AI startup DeepSeek is planning to launch a fresh fundraising round at a valuation of about 500 billion ​yuan ($74 billion) ahead of a potential mainland initial ​public offering, two people with knowledge of the matter said.

The plan comes just weeks after the Hangzhou-based company, which drew global attention with its low-cost AI models in 2025, raised about $7.4 billion in June at a post-money valuation of about 450 billion yuan, the people said. Filings by two Chinese investors later suggested DeepSeek was valued at 350.88 billion yuan, or around $52 billion.