CITIC Securities Co., Ltd

Signed term sheets could push the total toward one hundred billion yuan, about fifteen billion dollars, with Tencent and battery giant CATL among the largest investors.

DeepSeek began this raise in July at a targeted valuation of about seventy-four billion dollars, a month after taking roughly 7.4 billion in its first outside round, and it has hired CITIC Securities to prepare a possible Shanghai Star market IPO in early 2027.

The money follows a one billion dollar annualized revenue run rate and a new Huawei partnership on developer tools for Ascend chips.

For agencies, low-cost open models are about to get a much bigger war chest, which keeps steady downward pressure on the model prices behind every stack you resell.