❯ DeepSeek Restarts Second Funding Round, Plans to Raise RMB 50 Billion at Pre-Money Valuation of ~RMB 500 Billion

RESTARTMultiple dealmakers said DeepSeek has restarted its second funding round, planning to raise RMB 50 billion at a pre-money valuation of roughly RMB 500 billion, with signing targeted for late August. The round was initially launched in mid-July and abruptly halted at the end of July. Reports at the time tied the halt to founder Liang Wenfeng’s displeasure over a so-called “investor meeting minutes” circulating online. These details are based on dealmakers’ accounts; the company has not yet issued a public confirmation.

VALUATION HIKEThe benchmark is the first round. According to earlier public reporting, DeepSeek began its first round in April 2024 and closed in June, also raising RMB 50 billion at a valuation above RMB 350 billion — the largest first-round financing in the history of Chinese large models. The same raise now commands a valuation roughly 40% higher. The supply-demand picture is even clearer in the first round’s subscription: capital expressing investment intent topped RMB 1 trillion, yet only RMB 50 billion was admitted. That leaves at least RMB 500 billion that didn’t get a ticket — and this restart gives it a second shot. Overseas observer poezhao adds a detail: the largest single check in the first round was from Liang Wenfeng himself, at about RMB 3 billion.

ANCHOR RESETFor AI investors in China’s primary market, RMB 500 billion becomes the new pricing anchor: every large-model valuation negotiation from now on must first explain how it differs from DeepSeek. What this anchor presses down on is the funding rhythm of the second tier — the same pool of money now waits behind DeepSeek, leaving far less room on terms. A caveat: the signing date is the dealmakers’ version. July already showed how a round can be called off at any moment. Until the company officially announces, this is still a deal that hasn’t landed.

▪ SIGNALRMB 1 trillion of intent chases an RMB 50 billion quota — money was never the scarce asset.