DeepSeek annualized revenue tops $1 billion, $7.5B Series D financing nears close
The Information reported on September 24 that DeepSeek is set to close a 50 billion yuan ($7.5B) round before end of October at a target valuation of 500 billion yuan.
On September 24, The Information, citing two people with direct knowledge, reported that Chinese large-model company DeepSeek plans to close a 500 billion yuan ($7.5B) Series round before end of October at a target valuation of 500 billion yuan. The financing is near completion, with Tencent-affiliated media reporting the round is in late audit.
DeepSeek founder Liang Wenfeng disclosed at a recent investor meeting that the company's annualized revenue run rate has reached $1 billion, more than double the figure of less than $500 million from several months earlier. DeepSeek's actual revenue in the first seven months of 2026 was about 475 million yuan.
Two factors are driving the doubling: DeepSeek raised API pricing by 2.3x to 4.5x for some models last month, and user demand did not noticeably decline. Liang said at the investor meeting that the price increase did not cause customer attrition and that user demand remained strong.
On the management side, DeepSeek has appointed its first CFO, Yan Wentao, formerly a partner at Hillhouse Venture's 90s-born partner cohort. He will oversee financial systems, investor relations, and STAR Market IPO preparation work. CITIC Securities has been retained as IPO advisor, with the market expecting a listing as early as 2027.