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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.

Reporting by Financial Times Technology 1 min brief
Paper-cut illustration of amber paths carrying capital toward a small coral research venture between larger buildings.
Capital and the next generation of AI ventures.AI illustration by KeyNews
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 know

  1. DeepSeek valuation near $45B

  2. China's 'Big Fund' (state-backed) leading investment talks

  3. Tencent among investors seeking allocation

  4. Ongoing fundraising discussions

  5. 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
Read original report
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