One signal

DeepSeek is reportedly nearing a financing round of about 1 trillion yuan, with its pre-money valuation still around 5 trillion yuan. The proposed raise has doubled from the previously planned 500 billion yuan in less than half a month, according to 36Kr’s account of reporting by Caijing Magazine.

The report says prospective investors include industrial groups and existing shareholders, with CATL planning to increase its investment. The financing has not been announced as completed; for now, the eye-catching figure comes from people involved in the transaction, not a confirmed deal. At this scale, even the rumour is a measure of how much capital is chasing AI.

Discuss: If DeepSeek completes a raise on this scale, should it prioritise building more AI capacity or keep proving that its models can compete at lower cost?

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