Search “DeepSeek”

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DeepSeek's second funding round grows to about 100 billion yuan, pre-money valuation remains 500 billion yuan

DeepSeek's second funding round is planned to increase from 50 billion yuan to about 100 billion yuan, with the pre-money valuation still about 500 billion yuan, and new and old shareholders each planning to invest half. New investors are mainly industrial capital, including Shixi Capital, SMIC Capital, Geely, etc., and CATL plans to add about 10 billion yuan; a fund LP said the deal is still changing dynamically, and DeepSeek's PR department declined to comment on the funding information. The company has hired former Hillhouse Venture Capital partner Yan Wentao as CFO, and outsiders expect an IPO to potentially proceed in early 2027.

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DeepSeek's new funding round approaches 100 billion yuan, plans IPO for early 2027

DeepSeek's new funding round drew subscriptions exceeding the original 500 billion yuan target, with the term sheet pointing to nearly 100 billion yuan and a post-investment valuation of about 500 billion yuan. Tencent and CATL pledged the largest contributions, and the deal is expected to close within October, followed by a restructuring of the corporate structure to pave the way for an IPO in early 2027. External investors hold shares indirectly through limited partnerships, with no voting rights and a five-year lock-up; Liang Wenfeng controls a combined roughly 84% of equity and nearly all voting rights. CATL has invested a cumulative total of more than 10.5 billion yuan across two consecutive rounds, and has also taken a stake in 21Vianet and increased capital in Zhongheng Electric, integrating green power and power distribution solutions for DeepSeek's gigawatt-scale data center in Ulanqab.

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After Anthropic Tightened Its Defenses, Chinese AI Labs Turned to OpenAI's GPT-6 Astra for Distillation

According to The Information, DeepSeek and Moonshot AI made extensive use of outputs from OpenAI's most powerful model, GPT-6 Astra, when training their latest models, involving Kimi K3.1 Pro and V4.1-Flash 1017. This kind of distillation requires models to expose hidden reasoning steps, and both OpenAI and Anthropic prohibit the practice. Claude was once the primary target, but Anthropic says the new methods have cut the amount of data attackers can obtain by 90% to 99%. In late September, OpenAI reported a coordinated distillation campaign linked to people associated with Moonshot.

OpenAI Poaches Anthropic's Major Customers with Discounts of Up to 90%

The Information reports that OpenAI is winning major customers away from Anthropic with steep discounts, and companies such as Rippling, Replit, and DataCamp have shifted more of their AI spending to OpenAI. In Rippling's coding workloads, OpenAI's share rose from 16% to 52%, while Anthropic's fell from 57% to 18%; Replit switched after receiving a discount of more than 30% on a contract worth over $100 million a year, and DataCamp's CEO said OpenAI's pricing cut its costs by 80% to 90%. A U.S. bank with more than $7 billion in assets doubled its ChatGPT seats to 500 for free, paying less than $7 per user instead of the usual $20 or more. OpenAI is partly sacrificing its own profits to gain market share, but it has also achieved real price cuts through its Sol and Luna model lines; according to an investor memo, Anthropic's growth slowed from Q2 to Q3, and both companies also face low-price pressure from Chinese models such as DeepSeek and Kimi.