DeepSeek is drawing fresh market attention ahead of a potential IPO, with investors now discussing a valuation range that could eventually reach 1 trillion yuan or even 2 trillion yuan. According to the source material, the company sold only about 10% of its equity in its first funding round, raising more than 50 billion yuan at a valuation of $50 billion. At that stage, founder Liang Wenfeng required verification of the identities of all participating LPs. In the second round, which began in July, foreign media reported that DeepSeek planned to raise another 50 billion yuan and was seeking a 500 billion yuan valuation. The Financial Times also said Liang had started personally reviewing some final investors in an effort to preserve control of the company and reduce governance risks that could emerge before an IPO. The report added that while a listing is still some time away, current market expectations have already shifted higher. It also noted that Zhang Yiming remained China’s richest person in 2026 on the Forbes China mainland rich list, with a net worth of $69.3 billion. If DeepSeek’s valuation does break through the 1 trillion yuan mark, Liang’s relatively high ownership stake could put him in position to surpass Zhang.
DeepSeek is attracting rising valuation expectations ahead of a potential IPO, with the market now discussing a post-listing value of 1 trillion yuan to 2 trillion yuan.
According to Odaily, the company released only about 10% of its shares in its first funding round, raising more than 50 billion yuan at a valuation of $50 billion. At that time, Liang Wenfeng required checks on the identities of all LPs participating in the financing.
In the second funding round, which began in July, foreign media reported that DeepSeek planned to raise 50 billion yuan and was targeting a valuation of 500 billion yuan. The Financial Times said Liang had begun personally reviewing some final investors, aiming to maintain control of the company and reduce governance risks that could arise before an IPO.
While the IPO is still some time away, the report said current market expectations, based on the company’s second-round valuation, are already pointing toward 1 trillion yuan or even 2 trillion yuan.
The report also noted that on the Forbes China mainland rich list, Zhang Yiming remained China’s richest person in 2026 with a net worth of $69.3 billion. If DeepSeek does break through a 1 trillion yuan valuation, Liang’s relatively high ownership stake could give him a chance to overtake Zhang.
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