DeepSeek is preparing for IPO filing as soon as this year

Chinese AI startup DeepSeek has begun preparations for an initial public offering and may file as soon as this year, Bloomberg reported citing people familiar with the matter. The Hangzhou-based company has started planning for an IPO in mainland China and targeted a filing this year that would allow it to debut in 2027, the people said. The startup is in talks with accounting and banking advisors, one of the people said. DeepSeek is also seeking to raise more funds in the private market ahead of the IPO, weeks after closing a $7 billion financing round, the people said. It has begun talks with new backers about a fresh round targeting a pre-money valuation of at least 480 billion yuan ($71 billion), they said. That is an increase from the roughly $50 billion valuation drawn in its first round of external financing, which closed in early June with investors including Tencent Holdings Ltd. and Contemporary Amperex Technology Co. Ltd. DeepSeek is aiming to raise at least 10 billion yuan of additional funds, though the final amount could go several times higher, the people said. Discussions remain in flux, and the IPO timing and funding plans could change, the people said. The startup is working with accounting firms to finish its financial report by the end of December, a necessary step for the IPO filing, one person said. The company plans to make the filing near the end of this year or early in 2027, depending on when the financials are ready, the person said. DeepSeek did not respond to an emailed request for comment.