China's Big Fund Eyes Lead Investment in DeepSeek at $45B
China's largest state-backed chip fund is pushing to lead a DeepSeek investment round at a roughly $45 billion valuation.
DeepSeek could soon have some very deep-pocketed new backers. China's Big Fund — the country's largest state-backed semiconductor investment vehicle — is angling to lead an investment in the AI company at a valuation of approximately $45 billion, according to sources cited by the Financial Times.
The valuation has surged amid ongoing fundraising discussions. DeepSeek isn't short on suitors either. Tencent is among the investors seeking a stake in the AI lab.
The move signals Beijing's appetite to funnel state capital directly into homegrown AI players. The Big Fund has historically focused on semiconductors, making a play for an AI company a notable expansion of its investment thesis.
Details on round size and terms remain undisclosed. But at $45B, DeepSeek would rank among the most valuable AI companies globally.