China’s biggest state-backed semiconductor investment vehicle is in talks to lead the financing of DeepSeek’s first fundraising that could value the AI group at about $45bn.The China Integrated Circuit Industry Investment Fund, typically referred to as the “Big Fund”, is seeking to lead the investment into DeepSeek, according to four people with knowledge of the discussions.
Other investors still in talks for a stake include Chinese tech giant Tencent, although the final line-up has not yet been finalised.
DeepSeek shot to prominence in January 2025 following the release of R1, a powerful open-source large language model, which it said was trained on a fraction of the computing power of models developed by American rivals such as OpenAI.
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