https://xcancel.com/jukan05/status/2066752564809605584

DeepSeek Completes First External Funding Round, Raising $7.4 Billion

- DeepSeek has completed its first external fundraising round, raising more than RMB 50 billion (approximately $7.4 billion). The company was reportedly valued at over $50 billion.

- Investors are investing through a limited partnership (LP) managed by CEO Liang Wenfeng, rather than directly into DeepSeek itself. This structure allows Liang [CEO/founder] to maintain absolute control over the company.

- The China National AI Industry Investment Fund is the sole exception, investing directly in DeepSeek and receiving voting rights. The fund has committed RMB 1 billion.

- Ordinary investors receive no voting rights, but gain access to financial information and priority rights in future financing rounds. All investor stakes are subject to a five-year lock-up period, designed to discourage short-term profit-taking.

- Major investors include Liang Wenfeng (RMB 20 billion), Tencent (RMB 10 billion), CATL (RMB 5 billion), JD.com, NetEase, and IDG Capital (RMB 3 billion each).

- DeepSeek’s management reportedly conducts *due diligence* on the identities of LPs backing investment funds, aiming to prevent the entry of unwanted investors.

- DeepSeek had previously operated without external funding, but rising compute costs and intensifying competition for AI talent have increased the need for capital.