Chinese artificial intelligence startup DeepSeek is reportedly preparing for an initial public offering and seeking fresh funding, with the company targeting an IPO filing as soon as this year.

IPO Plans Take Shape

The Hangzhou-based company has started planning for an IPO in mainland China and is targeting to file this year, which would allow it to debut in 2027, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The startup is said to be in talks with banks and accounting firms to finalize its financial statements by the end of December, though the timing of the IPO filing and fundraising plans could still change depending on market conditions and the company’s performance.

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DeepSeek Eyes Fresh Funding

According to the report, DeepSeek is also seeking fresh funding from investors, targeting a pre-money valuation of at least 480 billion yuan ($70.89 billion).

DeepSeek is reportedly targeting at least 10 billion yuan ($1.48 billion) in additional funding, with the final amount expected to depend on investor interest.

DeepSeek did not immediately respond to Benzinga’s request for comments on the Bloomberg report.

Builds on Record Funding

The fundraising follows DeepSeek’s first external financing round in June, when the startup raised about 50 billion yuan ($7.38 billion) at a valuation between 350 billion yuan ($51.69 billion) and 400 billion yuan ($59.07 billion) after the investment.

Technology giant Tencent Holdings Ltd (OTC:TCEHY) and battery maker CATL were among the investors backing the round, alongside NetEase, Inc (NASDAQ:NTES), e-commerce giant JD.com (NASDAQ:JD), Hong Kong-based IDG Capital and Monolith Capital, as well as state-backed AI investment funds.

Founded in 2023 by hedge fund Zhejiang High-Flyer Asset Management, the startup has become one of China’s highest-profile AI companies amid Beijing’s push to compete with U.S. AI developers.

DeepSeek gained international attention after its V3 and R1 models drew attention in Silicon Valley and reshaped perceptions of China’s AI capabilities

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