DeepSeek reportedly hires CITIC Securities for STAR Market IPO, aims to file this year

曝 DeepSeek 聘请中信证券筹备科创板 IPO，目标年内递交申请

Reuters reports DeepSeek has hired CITIC Securities to prepare for a STAR Market IPO, aiming to file this year and list next year. Fundraising size and target valuation are not yet set. The company plans to use IPO proceeds to expand computing infrastructure, boost model R&D and chip development, and strengthen talent incentives. Revenue in the first seven months of 2026 reached about 475 million yuan, roughly 10x its full-year 2025 revenue. DeepSeek is also raising a new funding round targeting a ~500 billion yuan valuation, following a June round that valued it at over $50 billion post-money. Investors include Tencent, CATL-linked entities, JD.com, and NetEase. Intense demand has spawned multi-layered SPVs reselling access with front-end fees exceeding 15%. Founder Liang Wenfeng is personally vetting final investor lists to block unknown entities ahead of the IPO.

Why it matters: DeepSeek's STAR board IPO push is an industry-level event, with a 10x revenue jump and in-house chip plans adding real substance. Not scoring higher because the fundraising amount and final valuation are still undecided — it's early in the process.