DeepSeek 正准备完成一笔募集约 500 亿元人民币（74 亿美元）的重大融资案，这标志著中国规模最大的新创企业融资之一。该投资者财团包括 Tencent Holdings Ltd.、宁德时代（CATL）、国家人工智能产业投资基金以及创办人 Liang Wenfeng。在此群体中，外部投资者将在约 3500 亿元人民币（518 亿美元）的估值下投入约 300 亿元人民币（44.4 亿美元）。 Liang Wenfeng 个人投资了约 200 亿元人民币（29.6 亿美元），而 Tencent 以 100 亿元人民币（14.8 亿美元）的承诺金额领投企业投资，竞争对手 Alibaba Group Holding Ltd. 参与了早期讨论但最终并未投资。

这次资金注入反映了中国 AI 领头羊与 OpenAI 等美国同行直接竞争的更高野心。 Liang Wenfeng 及其于 2023 年创立、由避险基金 Zhejiang High-Flyer Asset Management 持有的杭州新创公司，因其在 2025 年推出的一款以极低成本达到矽谷产品水准的 AI 模型而声名大噪。随著该新创公司在 OpenClaw 出现后进军智能体 AI（agentic AI），顺应了业界对无需人类干预即可执行任务的软体的热潮，国家 AI 基金的参与标志著来自北京的重要政治背书。

与积极探索上市和多种创收途径的 OpenAI 和 Anthropic 等全球同行不同，DeepSeek 的管理层明确将突破性的 AI 研究置于短期商业化之上。在与投资者会议中， Liang Wenfeng 承诺将继续开发开源模型，同时追求实现通用人工智能（AGI）的更广泛目标。尽管在全球对运算基础设施进行数千亿美元投资后，AI 企业面临著开始交付业绩回报的压力，DeepSeek 依然致力于其研究优先的理念，这一策略已使中国的开源模型在全球范围内得到推广。

DeepSeek is finalizing a major financing round to raise approximately 50 billion yuan ($7.4 billion), marking one of the largest startup fundings in China. The consortium of investors includes Tencent Holdings Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), the state-backed National Artificial Intelligence Industry Investment Fund, and founder Liang Wenfeng. Within this group, external investors will contribute roughly 30 billion yuan ($4.44 billion) at a total valuation of 350 billion yuan ($51.8 billion). Liang Wenfeng is personally investing about 20 billion yuan ($2.96 billion), and Tencent leads the corporate investment with a 10 billion yuan ($1.48 billion) commitment, while competitor Alibaba Group Holding Ltd. participated in early discussions but ultimately did not invest.

This capital injection reflects a heightened ambition among Chinese AI leaders to compete directly with American counterparts like OpenAI. Liang Wenfeng and his Hangzhou-based startup, founded in 2023 and owned by the hedge fund Zhejiang High-Flyer Asset Management, gained recognition with a 2025 AI model that matched the capabilities of Silicon Valley offerings at a fraction of the cost. The state-backed National AI Fund's participation signals critical political endorsement from Beijing as the startup expands into agentic AI, riding a wave of industry enthusiasm for software that can carry out tasks without human intervention.

Unlike global peers like OpenAI and Anthropic that are actively exploring public listings and multiple ways to generate new revenue, DeepSeek's management has explicitly prioritized groundbreaking AI research over short-term commercialization. In meetings with investors, Liang Wenfeng pledged to continue developing open-source models while pursuing a broader goal of achieving artificial general intelligence. While global pressure mounts on AI companies to deliver on the bottom-line after hundreds of billions of dollars of investment in computing infrastructure, DeepSeek remains committed to its research-first approach, a strategy that has popularized Chinese open-source models globally.