DeepSeek valued at $52 billion in indirect stake filing

A stock exchange filing by luggage maker Anhui Korrun has indirectly revealed that Chinese AI startup DeepSeek is valued at 350.88 billion yuan ($51.82 billion). This is the first public evidence of the pricing for DeepSeek's maiden external fundraising round, a strategic shift for the previously self-funded company. DeepSeek is now reportedly planning another funding round and an IPO on Shanghai's STAR Market in 2026.

DeepSeek valuation disclosure

• ▪A stock exchange filing by Chinese luggage maker Anhui Korrun implies AI startup DeepSeek is valued at 350.88 billion yuan ($51.82 billion).
• ▪As a private company, DeepSeek has no routine disclosure obligations and has never publicly announced details of its fundraising.
• ▪The valuation is a transaction-implied equity valuation, not a definitive round valuation, as filings do not specify if the investment involved new or existing shares.
• ▪The filing provides the first public evidence of the pricing and investor lineup for DeepSeek's maiden external fundraising round.

Fundraising strategy shift

• ▪DeepSeek gained prominence in early 2025 with low-cost V3 and R1 models that challenged U.S. AI competitors despite chip export restrictions.
• ▪DeepSeek reversed its self-funding strategy to raise capital for computing capacity and to improve employee benefits.
• ▪DeepSeek previously rejected outside capital and was funded by its founder Liang Wenfeng's quantitative hedge fund, High-Flyer.

Investor stake details

• ▪Jiuan Medical's Hong Kong subsidiary invested 750 million yuan for an approximate 0.21% indirect stake in DeepSeek, corroborating the valuation.
• ▪Anhui Korrun's subsidiary, Ningbo Purun, invested 40 million yuan in the fund, resulting in a 0.0114% look-through holding in DeepSeek for Anhui Korrun.
• ▪Investors in the round paid by June 17, 2026, and Anhui Korrun was informed of the investment's completion on July 15, 2026.
• ▪A fund managed by Monolith Management, in which Anhui Korrun invested, deployed 2.9 billion yuan for an indirect 0.8265% stake in DeepSeek.

Future funding rounds

• ▪DeepSeek is reportedly planning another funding round of up to 50 billion yuan at a valuation of about 500 billion yuan.
• ▪DeepSeek has begun preparations for a listing on Shanghai's STAR Market and has set a target to file for an IPO in 2026.

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