capital · May 20, 2026

DeepSeek raises first outside funding led by China Big Fund at up to $50 billion valuation

DeepSeek founder Liang Wenfeng accepted first outside investment from the China Integrated Circuit Industry Investment Fund in mid-April 2026. Valuation started at $10 billion in mid-April reports, rose to $20 billion within three weeks, and reached $45-50 billion by May 6 with target raise up to $7.35 billion. The Big Fund leads the round as the state vehicle that bankrolls major chipmakers. Government-linked AI deals in China increased from fewer than 10 per year before 2018 to more than 140 in 2025 per PitchBook. U.S. investor ban on Chinese AI firms began January 2025.