❯ DeepSeek reportedly targets RMB 100 billion in financing at an unchanged RMB 500 billion pre-money valuation

A larger round without a repricingIT Home, citing Caijing on October 13, reports that DeepSeek’s second financing is nearing completion, with the target rising from RMB 50 billion to approximately RMB 100 billion. The pre-money valuation remains around RMB 500 billion. The transaction is still prospective; the larger funding target has not been accompanied by a higher reported pre-money valuation.

Developers pay for model usageDeepSeek develops large language models and provides an API for developers, supporting capabilities including text generation and tool calls. Its official documentation prices input and output tokens separately. Developers integrate the models into applications; greater usage can generate service revenue while also requiring computational resources.

New and existing investors split planned fundingThe reported new investors include 石溪资本, 中芯聚源, CPE 源峰, 君联资本 and Geely, alongside existing backers CATL, Tencent, IDG Capital, 砺思资本 and 拾象资本. New and existing shareholders are expected to contribute roughly half each. CATL reportedly plans about RMB 10 billion, following approximately RMB 5 billion in the first round. These remain reported transaction arrangements.

Industrial relationships are the additional angleThe proposed investor group includes participants linked to chips and automobiles. Such shareholders may bring application demand and partnership opportunities as well as money, but those possibilities are not signed customers or orders. A larger round at the same valuation describes financing arrangements, not a measure of revenue or profit.

▮ SIGNALModel financing is connecting a wider set of industrial participants; actual products and orders must show whether capital relationships become commercial partnerships.