DeepSeek Starts IPO Prep on STAR Market with CITIC Securities, Raising Over RMB 50 Billion

On September 9, Hangzhou-based artificial intelligence company DeepSeek selected CITIC Securities as its sponsor for a STAR Market listing, initiating preparations for an initial public offering (IPO). The company plans to formally commence the listing process within 2026, though the specific timeline, fundraising size, and target valuation have not yet been determined. Under A-share listing rules, companies seeking to go public typically must first undergo pre-listing guidance from a securities firm before submitting their initial public offering application. DeepSeek and CITIC Securities did not respond to requests for comment regarding the listing preparations.

On the financing front, DeepSeek launched its first funding round in April 2026, with the transaction completed in June, raising more than RMB 50 billion and achieving a post-investment valuation exceeding USD 50 billion. The round brought in institutions including SMIC Capital, Boyu Capital, CPE Source, and Hefei State-owned Capital Investment Platform, while existing shareholders such as Tencent, CATL, IDG Capital, Lishi Capital, Shixiang Capital, and Zhengyin Gu Capital continued to follow on. The National Artificial Intelligence Industry Investment Fund also plans to participate in this round's capital increase. The financing round simultaneously adjusted the shareholding structure and share lock-up rules to align with STAR Market listing regulatory requirements.

Operating data shows that in the first seven months of 2026, DeepSeek generated revenue of RMB 475 million, a tenfold increase compared to its full-year 2025 revenue; during the same period, its net loss stood at RMB 715 million. The company currently employs approximately 300 people. On September 7, its Harness team publicly advertised 150 job openings, covering core technical roles such as server-side development and Agent elastic computing research, with the new positions equivalent to half the size of the existing team.

Founder Liang Wenfeng hopes to raise funds through the STAR Market listing to provide more attractive equity incentives for core researchers. With technology companies such as ByteDance and Xiaomi frequently recruiting recently, DeepSeek faces pressure from talent attrition. Prior to this, Zhipu and MiniMax had already listed on the Hong Kong Stock Exchange in 2026, while Moonshot AI has also confidentially submitted a listing application in Hong Kong.