DeepSeek’s Potential USD 45 Billion Valuation Highlights China’s Large‑Model Financing Surge

China’s AI sector is experiencing a new wave of capital enthusiasm, with large‑model unicorn Kimi (Moonshot AI) reportedly close to completing a USD 2 billion financing round that will lift its valuation beyond USD 20 billion. Meituan DragonBall is leading the round, joined by China Mobile and CPE, with DragonBall itself investing more than USD 200 million.

Kimi has become one of the most closely watched companies in the AI track, repeatedly surfacing in financing news this year. In March, sources revealed its valuation had already climbed to USD 18 billion, quadrupling in three months, alongside a USD 1 billion fundraising. In less than three months, Kimi completed three rounds of financing, setting a record for consecutive financings among domestic large‑model firms and becoming the fastest to surpass USD 10 billion valuation. The success of its K2.5 model and Kimi Claw drove explosive growth, with 20‑day revenue since late January exceeding its entire 2025 annual revenue. Stripe data further showed subscription orders surged 8,280% month‑on‑month in January and another 123.8% in February, placing Kimi in the global top ten.

By February 23, after raising more than USD 1.2 billion, Moonshot AI had achieved the largest financing in the large‑model industry in nearly a year and the fastest domestic ascent to unicorn status. Public records highlight the speed: ByteDance took over four years to surpass USD 10 billion valuation, Pinduoduo more than three years, while Kimi rose from USD 300 million in its angel round to over USD 10 billion in just two years, multiplying its worth more than thirtyfold.

Following the listings of unicorns Zhipu and MiniMax, other core large‑model companies are also pursuing new financing. On April 22, foreign media reported Tencent Holdings and Alibaba Group are in talks to invest in DeepSeek, which has begun its first fundraising. Sources said DeepSeek is seeking funds at a valuation above USD 20 billion. Insiders added that DeepSeek aims to raise at least USD 300 million to bolster reserves amid escalating AI competition. Known for its stance of not prioritizing commercialization, DeepSeek relies on founder Liang Wenfeng’s Phantom Capital, with strong technical and computing foundations in quantitative trading and intelligent finance, and was among the first domestic firms to operate a ten‑thousand‑card cluster.

On May 6, media reported that several official investment institutions, including the National Integrated Circuit Industry Investment Fund, are negotiating to lead DeepSeek’s first financing round. If completed, the deal could value DeepSeek at about USD 45 billion, though the information has not yet been confirmed.