%20--%3e%3cdefs%3e%3cstyle%3e%20.st0%20{%20fill:%20%23061b40;%20}%20.st1%20{%20fill:%20%23306af1;%20}%20.st2%20{%20fill:%20%235ce5cf;%20}%20%3c/style%3e%3c/defs%3e%3cg%3e%3cpath%20class='st0'%20d='M55,10.5h9v3h-9v9h12V7.5h-12v3ZM64,19.5h-6v-3h6v3Z'/%3e%3cpolygon%20class='st0'%20points='69%2016.5%2078%2016.5%2078%2019.5%2069%2019.5%2069%2022.5%2081%2022.5%2081%2013.5%2072%2013.5%2072%2010.5%2081%2010.5%2081%207.5%2069%207.5%2069%2016.5'/%3e%3cpolygon%20class='st0'%20points='95%2010.5%2095%207.5%2083%207.5%2083%2022.5%2095%2022.5%2095%2019.5%2086%2019.5%2086%2016.5%2095%2016.5%2095%2013.5%2086%2013.5%2086%2010.5%2095%2010.5'/%3e%3cpath%20class='st0'%20d='M40,1.5v21h11.6l1.4-1.4v-7.6h0c0,0-1.4-1.5-1.4-1.5l1.4-1.4V2.9l-1.4-1.4h-11.6ZM50,19.5h-7v-6h7v6ZM50,10.5h-7v-6h7v6Z'/%3e%3c/g%3e%3cpath%20class='st1'%20d='M23.1,24L14.7,4.8l-4.9,11.2h3.8l-1.8,4H3.3L12.1,0H2C.9,0,0,.9,0,2v20c0,1.1.9,2,2,2h21.1Z'/%3e%3cpath%20class='st2'%20d='M34,0h-16.8l10.6,24h6.2c1.1,0,2-.9,2-2V2C36,.9,35.1,0,34,0ZM32.5,20h-4V4h4v16Z'/%3e%3c/svg%3e)
According to foreign media reports, DeepSeek, the AI unicorn that has long relied on its own capital for R&D, recently revealed its first external financing round, with a target valuation exceeding $20 billion. It is reported that internet giants Tencent and Alibaba are both in talks.
Although DeepSeek was previously supported by its founder Liang Wenfeng through funds from his quantitative trading company, and had no urgent need for external capital, this strategic move primarily aims at talent incentives and retention. Due to recent departures of key members of DeepSeek's model training team, such as Guo Daya, the author of paper R1, and senior researcher Wang Bingxuan, who joined ByteDance and Tencent respectively, the company needs to quickly increase its valuation through external financing, thereby enhancing the value of stock options held by employees to counter the talent acquisition efforts of tech giants and high-valued startups.
According to insiders, the funding amount is expected to be only several hundred million dollars, carrying strong symbolic significance. If the financing agreement is not reached, Liang Wenfeng is also considering schemes such as stock repurchases or performance-based valuation adjustments to comfort researchers. Notably, DeepSeek's relatively closed financial data and lack of a clear business model remain challenges in attracting purely financial investors. The industry generally believes that for strategic investors seeking synergies, partners providing underlying computing power support and cloud infrastructure will be the ideal entrants.
Against the backdrop of global large model competition entering an era of "talent premium," DeepSeek's valuation leap reflects the struggle between the idealistic management model of top AI laboratories and the harsh market competition. This move not only concerns the stability of its research teams but also indicates that the valuation system in China's general artificial intelligence field is gradually approaching the top level of Silicon Valley.