MoneyThe story, in brief
DeepSeek nears $45bn valuation as China’s ‘Big Fund’ leads investment talks
$45B. That's DeepSeek's near-term valuation as China's state-backed 'Big Fund' leads a massive round.
The KeyNews take
Why it matters
DeepSeek's meteoric rise signals a geopolitical shift in AI funding power — China's state apparatus is now actively competing for equity stakes in frontier AI labs, reshaping the global AI investment landscape.
The key facts
5 to knowDeepSeek valuation near $45B
China's 'Big Fund' (state-backed) leading investment talks
Tencent among investors seeking allocation
Ongoing fundraising discussions
May 2026 timeline
Go to the source
Financial Times Technologyft.com
Publisher excerpt: Value soars in ongoing fundraising discussions as investors including Tencent seek slice of AI lab