DeepSeek Prepares STAR Market IPO, Targeting 2027 Listing

Bloomberg reported, citing sources familiar with the matter, that DeepSeek is preparing for a STAR Market IPO while advancing its multi-billion-yuan fundraising round. The company plans to file its listing application by the end of 2026, with a target of going public in 2027. Yan Wentao, former partner at Hillhouse Ventures, has been appointed CFO.

According to the report dated October 22, DeepSeek's latest funding round has been locked at approximately 100 billion yuan, with a pre-investment valuation of around 500 billion yuan. The round initially targeted 50 billion yuan but was raised twice amid competition among industrial investors and existing shareholders, eventually doubling to the current scale. Tencent and CATL, both existing shareholders, each added about 10 billion yuan as cornerstone investors. New investors include Shixi Capital, SMIC Fund, CPE Yuanfeng, Legend Capital, and Geely.

Combined with the 51 billion yuan first round closed in June, DeepSeek has raised over 150 billion yuan in just over 100 days, setting a record for capital absorption speed in the global AI sector. The simultaneous IPO preparation and fundraising indicate the company is accelerating its capital market strategy.