DeepSeek is set to close a funding round above 80 billion yuan ($11.9 billion) this month, while rival Moonshot AI has confidentially filed for a Hong Kong IPO after a private round valued it at $50 billion. Both laboratories report annualized revenues of approximately $1 billion. These valuations therefore translate to very different revenue multiples: 50 times for Moonshot AI versus 12 times for DeepSeek, making the comparison relative depending on the perspective adopted.
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