DeepSeek Closes First External Round, Raising 51B Yuan at ~400B Yuan Valuation
DeepSeek, the Hangzhou-based AI startup behind the open-source DeepSeek models, completed its first external funding round on June 16, 2026. The round raised approximately 51 billion yuan ($7 billion) at a valuation of nearly 400 billion yuan ($55 billion). Investors include founder Liang Wenfeng, Tencent, CATL, NetEase, JD.com, Monolith Management, IDG Capital, Zhenge Valley Investment, Shixiang Technology, and the National AI Industry Investment Fund. Liang Wenfeng structured the deal so that most external investors contribute through limited partnerships he manages, with a five-year lock-up and no voting rights; only the National AI Industry Fund receives direct equity and voting rights. Previously funded solely by High-Flyer Quant, DeepSeek plans to use the proceeds for AI infrastructure expansion, R&D, employee equity incentives, and accelerating commercialization.