DeepSeek, the Hangzhou-based AI laboratory, is close to raising at least $12 billion ahead of its planned 2027 IPO on Shanghai’s STAR Market. Founder Liang Wenfeng invested approximately $3 billion of his own assets, and the first external funding round in June 2026 valued the company at over $50 billion post-money. A second round would value DeepSeek at roughly $74 to $75 billion pre-money. As of September 2026, the company reported an annualized revenue run rate of $1 billion with an 82.9% gross margin on its API business. The firm runs on Huawei chips and has appointed CITIC Securities as lead underwriter for the listing.
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