DeepSeek's ongoing funding round has been nothing short of frenetic, bordering on the extraordinary.

On June 16, The Information initially reported that DeepSeek had concluded its inaugural external funding round, securing over 50 billion yuan with a post-money valuation surpassing 50 billion USD. Yet, these figures merely scratch the surface of the full funding spectacle. Pencil News has exclusively learned from multiple sources close to the deal that, in recent months, the scale of funds expressing interest in investing in DeepSeek has exceeded 100 billion yuan. Given the rumored final funding scale of 51 billion yuan, this implies that over half of the interested funds—nearly 50 billion yuan—will be left out. With nearly double the funds oversubscribed, this funding round has transformed into a rare 'seller's carnival' in China's primary market in recent years.

Comparison of Intentional Funds and Final Funding Amount Source: Pencil News Sources, The Information

- 01 - Unveiling the Truth Behind DeepSeek's Funding

What lies beneath the surface of DeepSeek's funding? On June 16, The Information reported that DeepSeek had completed its first external funding round since inception, raising over 50 billion yuan with a post-money valuation exceeding 50 billion USD. Subsequently, China Fund News cited market sources, stating that the funding round amounted to approximately 51 billion yuan, with a post-money valuation nearing 400 billion yuan. If confirmed, this would signify a meteoric rise in DeepSeek's valuation within just two months. Public reports indicate that in April of this year, DeepSeek's rumored valuation hovered around 10 billion USD, whereas the latest valuation has soared to the 50 billion USD mark, representing a nearly fivefold increase.

DeepSeek's Valuation Surge Source: Reuters, Bloomberg, The Information

Meanwhile, a highly anticipated list of investors began circulating in the market. Multiple sources indicate that Liang Wenfeng personally contributed approximately 20 billion yuan, making him the largest contributor in this round. Tencent is rumored to have invested about 10 billion yuan; the CATL ecosystem (including Puquan Capital) around 5 billion yuan; and institutions such as NetEase, JD.com, IDG Capital, and Monolith Capital about 3 billion yuan each. Zhengxin Valley Investments and Shixiang Technology contributed approximately 1.5 billion yuan each, while the National Artificial Intelligence Industry Investment Fund invested about 980 million yuan.

Distribution of Funding Shares in This Round (Amounts Not Officially Confirmed) Source: The Information, China Fund News

However, as of press time, none of the investment amounts or the final list of investors have been officially confirmed by any institution. Beyond the funding scale, what has captivated industry attention is the structural design of this round's transaction. According to the currently circulating version, except for the National Artificial Intelligence Industry Investment Fund, most external funds do not directly invest in DeepSeek's main entity but instead enter a limited partnership controlled by Liang Wenfeng. In exchange, external investors do not hold voting rights or board seats and must accept a five-year lock-up period and LP penetration verification arrangements. In essence, capital can enter, but its influence on the company's control is severely limited. Public business records reveal that DeepSeek's shareholding structure is as follows: Ningbo Cheng'en Enterprise Management Consulting Partnership holds 66%, with Liang Wenfeng indirectly controlling this stake through Ningbo Cheng'en, ultimately benefiting from approximately 84.29% of the shares with 100% voting rights. This means that even based on the currently rumored 50 billion yuan funding scale, after introducing large-scale external capital, DeepSeek's actual control remains firmly in Liang Wenfeng's hands.

- 02 - The Frenzy of Billions in Pursuit

The most remarkable aspect of DeepSeek's current funding round is not the sheer volume of funds but the overwhelming abundance of interested capital. Pencil News has learned from sources close to the deal that, over the past few months, the scale of funds expressing investment interest in DeepSeek has surpassed 100 billion yuan. However, based on the currently circulating market version, the final amount of funds that can enter is approximately 50 to 51 billion yuan.

This implies that at least nearly 50 billion yuan in interested funds may ultimately be left out. In other words, the market's desire to invest in DeepSeek is nearly double the final amount that can be accommodated. A source close to the deal told Pencil News that the core issue of this funding round has long ceased to be 'whether institutions are willing to invest' but rather 'who is qualified to invest.' This scarcity has also exerted pressure on both sides of the funding equation. 'Liang Wenfeng is under tremendous pressure, and some investment institutions that want to get in are also under a lot of pressure. The shares are incredibly hard to secure,' an insider said. Liang Wenfeng's pressure is not difficult to understand.

Over the past three years, DeepSeek has primarily relied on self-funded operations within the Fantuan ecosystem. The company's public image has been one of 'no funding, no IPO, no rush to commercialize.' Now, suddenly facing the pursuit of over 100 billion yuan in funds, Liang Wenfeng must address more than just financial issues. Who gets in? Who doesn't? How much allocation does each party receive? Which institutions can be introduced without compromising the company's independence? How to avoid capital interference in DeepSeek's future direction? These are all questions Liang Wenfeng must answer. But the pressure on institutions wanting to invest is no less significant.

The reason is straightforward: this may be the rarest 'ticket' in China's AI industry in recent years. Once missed, it's uncertain whether another opportunity will arise. More critically, DeepSeek's current funding round is not simply a matter of 'highest bidder wins.' From the currently circulating market transaction structure, even if external investors enter, they may face significant constraints: no voting rights, no board seats, a five-year lock-up period, and LP penetration verification. In other words, institutions may invest heavily without necessarily gaining traditional corporate governance participation rights.

- 03 - The Funding Enigma Persists

Beyond the scramble for shares, the complexity lies in the confusion surrounding the information. Since April, rumors about DeepSeek's funding have emerged in new versions almost every few weeks. The funding scale has been rumored to range from an initial 300 million USD to 50 billion yuan, 70 billion yuan, and finally a 50 billion yuan-level landing version.

Evolution of DeepSeek Funding Rumor Versions Source: Reuters, Bloomberg, The Information, etc.

On May 22, Bloomberg reported that DeepSeek was conducting a funding round of up to approximately 70 billion yuan, or about 10 billion USD. However, an insider told Pencil News that 'this version is just hearsay.'

As of now, this 70 billion yuan version has still not been officially confirmed by DeepSeek. Based on the later circulating market version of 50 to 51 billion yuan, the difference is nearly 20 billion yuan.

These constantly evolving versions indicate that the numbers in DeepSeek's funding negotiations have been in a state of flux. The same applies to Tencent, one of the rumored investors in this round. Market reports have repeatedly mentioned Tencent's participation in DeepSeek's funding, with varying amounts ranging from 1 billion yuan to 10 billion yuan. However, Pencil News understands that Tencent has never officially released any related information.

A source close to Tencent told Pencil News that there are too many versions of news about DeepSeek's funding, making it 'difficult even internally to distinguish which is true and which is false.' This is the most unique aspect of DeepSeek's funding: the money is genuinely hot, the shares are genuinely tight, and the pressure is genuinely high; yet the specific funding scale, investor list, and investment amounts remain shrouded in a vast amount of hard-to-distinguish information.

- 04 - The Real Challenge Lies Beyond Funding

For DeepSeek, securing funding is not the finish line; it's more like a dividing line. Before funding, DeepSeek could operate more like a research-oriented company: low-key, restrained, and relying on model capabilities to speak for itself. External evaluations focused mainly on technology, cost, and open-source influence. After funding, DeepSeek faces a transformed evaluation system: capital will scrutinize commercialization, industry will assess implementation capabilities, developers will evaluate ecosystem stability, and major clients will examine service guarantees. Competitors will watch whether DeepSeek encroaches on their territory.

This means that the questions Liang Wenfeng must answer are no longer just 'can the model be stronger' but rather what kind of company DeepSeek ultimately aims to be. If it continues to adhere to an open-source route, it must prove that open-source can also form a long-term competitive advantage. If it accelerates commercialization, it must avoid being swayed by short-term revenue. If it enters enterprise services, it must confront delivery, clients, channels, and organizational management. If it continues to focus on foundational models, it must make long-term investments in computing power, talent, and R&D.

DeepSeek-V3's Performance in Multiple Benchmark Tests These questions will be far more challenging than the funding amount itself. Over the past year, DeepSeek has proven one thing: a company that doesn't rely on product launches, funding stories, or giant labels can still rise to the center of the global AI stage.

But from now on, it must prove another thing: when capital, industry, clients, and public opinion all converge, can DeepSeek maintain its own pace? This may be the real source of pressure for Liang Wenfeng. The funding enigma will eventually dissipate. But how DeepSeek proceeds next is the answer that China's AI industry truly cares about. The funding amounts and investor information mentioned in this article are derived from media reports and Pencil News sources and have not been officially confirmed by DeepSeek or the investors.