DeepSeek raises $7.4B at $50B valuation in first outside funding round

Chinese AI lab DeepSeek closed over 50 billion yuan ($7.4B) in its first external funding round, valuing the company at more than $50B. As recently as April, reported targets were $300M at $10B. Founder Liang Wenfeng contributed roughly 20 billion yuan personally; Tencent and battery maker CATL are among the largest outside backers. The deal uses an unusual structure: investors put money into a limited partnership Liang manages, with no voting rights and a five-year lockup. Only China's state-backed AI fund got direct equity and voting rights. Liang has told investors he prioritizes foundational AI research and AGI over near-term profits, and plans to keep releasing open-source models.

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