DeepSeek seeks to raise over 10 billion yuan in follow-on deal, pushing valuation past $71 billion

DeepSeek, the Chinese AI startup that sent shockwaves through global markets earlier this year, is reportedly looking to raise at least 10 billion yuan in a follow-on funding round at a pre-money valuation of roughly $71 billion. That’s barely a month after closing its first-ever external raise. From zero to China’s most valuable AI lab DeepSeek closed its inaugural external funding round in early June 2026, pulling in more than 50 billion yuan, roughly $7.4 billion. That single round valued the company somewhere between $52 billion and $59 billion post-money, instantly crowning it the most valuable AI laboratory in China. The investor list reads like a who’s who of Chinese corporate titans. Tencent committed approximately 10 billion yuan. CATL, the world’s dominant battery maker, chipped in around 5 billion yuan. But the largest check came from founder Liang Wenfeng himself, who personally contributed about 20 billion yuan. The funding flowed through a limited partnership he formed, granting investors zero voting rights, no direct equity stake, and a five-year lock-up period. The follow-on: more compute, more talent, more everything Now, just weeks later, DeepSeek is already circl...