China’s DeepSeek is Raising Money for First Time, At $10 Billion-Plus Valuation

DeepSeek is in talks to raise outside capital for the first time, seeking to beef up its financial war chest so it can better compete in the costly battle to develop leading AI models, according to five people familiar with the matter.

DeepSeek is owned by Chinese hedge fund High-Flyer Capital Management, which has financed the startup so far. DeepSeek, whose AI model R1 took both Silicon Valley and Wall Street by storm last year, has previously turned down multiple funding offers from China’s top venture capital firms and tech giants.