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DeepSeek Begins IPO Preparations, Targeting 2027 Listing on Shanghai's STAR Market

Chinese AI company DeepSeek has started preparations for an IPO on Shanghai's STAR Market, aiming to raise at least 10 billion yuan. The company was valued at approximately 351 billion yuan ($48.6 billion) after its first external funding round in June 2026, which included Tencent, CATL, and JD.com as investors.

In mid-July 2026, reports emerged that DeepSeek, the Hangzhou-based artificial intelligence company known for its cost-efficient large language models, has initiated preparations for an initial public offering. The company is targeting a listing on the Shanghai Stock Exchange's STAR Market — China's Nasdaq-style board for high-tech companies — with a goal of submitting its IPO application as early as 2026 and completing the listing in 2027.

The IPO news follows DeepSeek's first-ever external funding round, which closed in June 2026. The company raised approximately 47.4 billion yuan from a consortium that included Tencent (reportedly contributing about 10 billion yuan), battery giant CATL, e-commerce leader JD.com, gaming company NetEase, and several venture capital and state-backed funds. Founder Liang Wenfeng personally contributed roughly 20 billion yuan to maintain controlling influence. The post-money valuation was reported at around 351 billion yuan, though some sources cited figures as high as 480 billion yuan depending on the terms and over-allotment options.

The IPO is expected to raise at least 10 billion yuan in new capital, which would be used to expand data-centre infrastructure, accelerate model development, and fund international expansion. DeepSeek has already made strategic investments in power infrastructure, including a 4.1 billion yuan stake in Zhongheng Electric, and has committed to building dedicated smart-computing centres.

DeepSeek's rise has been one of the most closely watched stories in global AI. The company gained international attention in late 2024 with the release of its V2 model, which undercut competitors on API pricing by a factor of 100, earning the nickname "the Pinduoduo of AI." Its subsequent models, including the anticipated V4 release, have demonstrated competitive performance against frontier models from OpenAI, Google, and Anthropic — all while using fewer computing resources, a testament to the team's engineering efficiency.

The IPO plan comes at a time when Chinese AI companies are experiencing a valuation boom. The 2026 World AI Conference in Shanghai, held July 17-20, showcased the breadth of China's AI ecosystem, with companies like Zhipu AI and MiniMax also reportedly approaching valuations above 300 billion yuan. The market's appetite for AI stocks reflects both genuine technological progress and a strategic premium attached to domestic AI champions in an era of US-China technology decoupling.

Knowledge takeaway: DeepSeek, the Chinese AI company valued at ~351 billion yuan, has begun IPO preparations for a 2027 listing on Shanghai's STAR Market. The company raised 47.4 billion yuan in its first external round from Tencent, CATL, and JD.com. The IPO would be one of the most anticipated Chinese tech listings, reflecting the strategic importance of domestic AI capability.