DeepSeek eyes IPO on china's sci-tech innovation board with 500 billion yuan valuation target

Artificial intelligence unicorns are rapidly moving toward the capital markets. DeepSeek has engaged CITIC Securities to prepare for an IPO on China's Sci-Tech Innovation Board, aiming to submit its application this year and list next year. The IPO will fund expansion of computing infrastructure, advanced large models, and chip development, alongside talent incentives. In the first seven months of 2026, DeepSeek generated 475 million yuan in revenue, ten times its 2025 annual total. The company is also pursuing a new funding round with a target valuation of 500 billion yuan. Earlier this year, it raised 7.4 billion USD (approximately 49.789 billion yuan), pushing its post-money valuation beyond 5 billion USD (approximately 336.413 billion yuan). Founder Liang Wenfeng invested 20 billion yuan, making him the largest single investor, while Tencent and CATL group companies contributed 10 billion and 5 billion yuan respectively. Other participants include JD.com, NetEase, and the National Artificial Intelligence Industry Investment Fund. The round includes a five-year lock-up period and no voting rights for external investors. Despite strong market demand, off-market chaos has emerged. Financial Times reported that secondary market SPVs have emerged, with some outer-layer entities charging fees exceeding 15% and profit-sharing up to 40%. DeepSeek has not participated in these activities and is now vetting investors to avoid governance risks in its upcoming IPO.