DeepSeek closes $7bn-plus round with an unusual structure

DeepSeek, the Chinese AI lab, has closed its first round of outside funding, raising approximately 50 billion yuan (about $7 billion) in a deal with an unusual structure that gives investors economic rights but no voting rights. The valuation is between $52 billion and $59 billion, according to Reuters, while other sources report over $7 billion raised at a valuation exceeding $500 billion. Investors include Tencent, CATL, JD.com, NetEase, and IDG Capital, with a five-year lock-up period and no board seats expected, except for the National AI Industry Fund.